OPEC announces $100 Mn fund to help infrastructure projects globally

By Tejaswita Tiwari  | Date: 2022-06-24

OPEC announces $100 Mn fund to help infrastructure projects globally

The OPEC Fund for International Development has reportedly administered $100 million support for small and medium sized enterprises and transportation industry. The funding is anticipated to help private and public sector projects encourage sustainable development across the world.

As per sources, the OPEC fund grants financing to non-member countries from the member countries exclusively.

Notably, the fund has committed a sum of $22 billion till date for the development projects in almost 125 nations with $187 billion being the estimated overall project cost. The OPEC Fund has been rated AA/Positive Outlook by S&P and AA+/Outlook Stable by Fitch in 2021.

According to credible reports, Uganda, Malawi, Uzbekistan, and Cambodia are amongst the nations receiving the benefits of OPEC Fund.

Reportedly, Uganda will receive a $30 million loan for the upgradation to a paved surface from gravel for selection of nearly 70 kilometers in the central eastern region of the country. The improvement of the national road network will facilitate improvised access to markets for traders and farmers and amplify access to social services in the area.

Not to mention, the funding will offer a $20 million loan for the SADC Sub Regional Transport and Trade Facilitation Project that will back the rehabilitation of 50 kms of feeder road and 101 kms of roadway in the central region of the country.

The main aim of the project is to enhance the socio-economic integration and competitiveness between Mozambique and Malawi.

Meanwhile, Uzbekistan will be granted $30 million loan for the financial sector of the country to support small and local businesses through on-lending.

Furthermore, Cambodia will receive a $20 million loan that will profit the small, micro, and medium business along with the financial sector.

Moreover, improvising access to financing is particularly vital for MSME’s in the recovery after the COVID-19 pandemic and these enterprises are responsible for major portion of Cambodia’s GDP.

Source Credits: - https://www.zawya.com/en/smes/finance/opecs-new-100mln-funding-to-help-infrastructure-projects-worldwide-c71nhst7

About Author

Tejaswita Tiwari     thisisourtownrichmond.co.uk

Tejaswita Tiwari

Being born in a family of readers, Tejaswita has always had a natural flair for writing, using that enthusiasm to become a full-fledged writer after earning her MBA in Marketing. Her insatiable curiosity to learn about various verticals has made her a popular research...

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