OPEC Fund approves $ 284 million for global development operations
The OPEC Fund for International Development (the OPEC Fund) approved more than US $ 284 million for sustainable development operations around the world at the 177th session of the Board of Directors of the organization, held virtually.
OPEC Fund Managing Director Abdulhamid Alkhalifa said the majority of new approved projects are aimed at supporting micro, small and medium enterprises (MSMEs) and will help partner countries recover from the effects of COVID-19 through the establishment jobs, access to finance and increased connectivity.
“Our financing through sovereign and non-sovereign operations confirms our commitment to meet the changing needs of developing countries and advance the Sustainable Development Goals. We are working with governments, development finance institutions and the private sector to deploy much-needed finance to support economies in these difficult times. “
New funding from the OPEC Fund will support the following public sector operations:
Morocco, US $ 100 million, Financial and digital inclusion support program:
Support the second stage of the Moroccan government’s programmatic series of reforms. Developed in coordination with the World Bank, these reforms aim to mitigate the socio-economic impact of the COVID-19 pandemic, provide affordable financial services to households and micro, small and medium enterprises (MSMEs) and expand economic opportunities within the digital economy, as well as fostering the economic inclusion of young people, women and university graduates.
Morocco, US $ 14.3 million, Phase II of the Preliminary Engineering Design Study (FEED) of the Nigeria-Morocco Gas Pipeline (NMGP).
Support the Moroccan government’s national development strategy aimed at switching to a low-carbon energy system, diversifying its energy mix and fulfilling its commitments in terms of renewable energies. The study will carry out detailed assessments of the implementation and design process for the eventual construction of the pipeline, thereby facilitating the final investment decision. The contribution of the OPEC Fund will specifically cofinance the surveying work of the North zone (Senegal – Mauritania – Morocco) of the NMGP.
Senegal, $ 30 million, Louga-Keur Momar Sarr road:
Improve socio-economic development and unleash the agricultural potential of communities in northwestern Senegal through the modernization of a 54 km long road. When completed, the project will promote regional movement of people and the exchange of goods with neighboring Mauritania, reduce travel time and costs, and improve access to social services for around one million people.
Four private sector and trade finance operations totaling US $ 140 million were also approved. US $ 90 million will support financial institutions in Armenia, Vietnam and El Salvador, and provide increased access to finance for small and medium-sized enterprises (SMEs), including women-owned SMEs and businesses affected by COVID-19 , as well as climate-related projects. US $ 50 million will support international agricultural trade in Ghana.
Source: The OPEC Fund