Latest news with #OPECFundforInternationalDevelopment
Daily News Egypt
12-04-2025
- Business
- Daily News Egypt
Egypt seeks expanded OPEC Fund financing for private sector growth
Egypt is seeking increased financial support from the OPEC Fund for International Development to bolster the private sector and stimulate investment and employment, according to the Ministry of Planning, Economic Development and International Cooperation. The request was made during a meeting between Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, and the Director-General of the OPEC Fund, Abdulhamid Alkhalifa, held on the sidelines of the annual meetings of Arab financial institutions in Kuwait. Al-Mashat expressed Egypt's appreciation for its longstanding relationship with the OPEC Fund, which she said was built on mutual commitment and efforts to support the country's sustainable development goals. She added that the collaboration reaffirmed the Fund's efforts to support development and achieve positive economic and social outcomes. Al-Mashat highlighted the importance of the private sector in achieving Egypt's sustainable development objectives, describing it as a vital driver of economic growth. She noted that the Egyptian government views private sector-led investments as crucial for enhancing the competitiveness of the Egyptian economy regionally and internationally. 'Egypt has a strong partnership with the fund, based on shared values in sustainable development, and clearly aligned with the Ministry of Planning, Economic Development and International Cooperation's vision to promote sustainable growth in Egypt, increase resource efficiency, and achieve economic development,' Al-Mashat said. According to Al-Mashat, the Egyptian government has implemented reforms to improve the investment climate and create an environment conducive to attracting capital and expanding the production base. She cited the 'State Ownership Policy Document' as an example, which aims to support ongoing economic reforms and enhance the role of the private sector by gradually exiting some sectors and providing opportunities for local and foreign investors. She added that the document also highlighted the importance of public-private partnerships (PPP) as an effective tool to promote private sector investments and increase their efficiency. Al-Mashat also noted that the government has implemented structural measures since 2014, regarding regulatory procedures and legislative structure, to create an environment conducive to attracting investments in renewable energy. During the meeting, Al-Mashat and Alkhalifa also discussed potential collaboration within the framework of the Hub for Advisory, Finance and Investments for Enterprises platform, which integrates services provided by development partners and private sector entities, including large, small, medium, and micro enterprises. The implementation of the 'NWFE' (Nexus on Water, Food and Energy) program was also addressed, with a focus on priority areas such as renewable energy, food security, and water resource sustainability. Alkhalifa affirmed the OPEC Fund's commitment to supporting development in Egypt and its priorities since 1976. He noted that the joint cooperation portfolio has reached approximately $1.4 billion, supporting around 60 projects across various sectors.
Zawya
07-04-2025
- Business
- Zawya
OPEC Fund approves over $600mln in new financing to strengthen connectivity, human capital, economic resilience
VIENNA: The OPEC Fund for International Development (OPEC Fund) has approved over US$600 million in new development financing to support sustainable infrastructure, private sector development, food security and human capital in partner countries across Africa, Asia, Latin America and the Caribbean. The new projects were approved during the institution's 191st Governing Board meeting in Vienna. The new commitments reflect the OPEC Fund's efforts to promote inclusive and resilient growth in line with its strategic priorities. OPEC Fund President Abdulhamid Alkhalifa said: 'These engagements are a significant demonstration of our commitment to building resilience and enabling inclusive development. From transport corridors to vocational training and financing small businesses the OPEC Fund is supporting practical solutions that align with our partners' priorities and deliver tangible results. We remain focused on driving sustainable development across regions and sectors.' The latest approved projects include public and private sectors in Costa Rica, Nepal, Rwanda, Senegal, Tanzania, Côte d'Ivoire, Democratic Republic of the Congo and Nicaragua.
Zawya
04-04-2025
- Business
- Zawya
OPEC Fund approves over US$600 million in new financing to strengthen connectivity, human capital and economic resilience
The OPEC Fund for International Development (OPEC Fund) ( has approved over US$600 million in new development financing to support sustainable infrastructure, private sector development, food security and human capital in partner countries across Africa, Asia, Latin America and the Caribbean. The new projects were approved during the institution's 191st Governing Board meeting in Vienna today and during the first quarter of 2025. The new commitments reflect the OPEC Fund's efforts to promote inclusive and resilient growth in line with its strategic priorities. OPEC Fund President Abdulhamid Alkhalifa said: 'These engagements are a significant demonstration of our commitment to building resilience and enabling inclusive development. From transport corridors to vocational training and financing small businesses the OPEC Fund is supporting practical solutions that align with our partners' priorities and deliver tangible results. We remain focused on driving sustainable development across regions and sectors.' The latest approved projects include: Public Sector Operations Costa Rica: A €180 million loan will co-finance the 'Expansion and Improvement of the San Jose – San Ramon Road Corridor Project' with the Central American Bank for Economic Integration (CABEI). The project will improve traffic flow and road safety along Route 1 of the Inter-American Highway, supporting trade, connectivity and inclusive economic growth. Nepal: A US$100 million loan will co-finance the 'South-Asia Subregional Economic Cooperation (SASEC) Electricity Transmission and Distribution Strengthening Project' with the Asian Development Bank (ADB). The project will enhance the reliability and efficiency of the electricity supply in Nepal and promote cross-border power trade in the region. Rwanda: A US$27.95 million loan will co-finance the 'Center of Excellence in Aviation Skills Project' with the African Development Bank (AfDB). The initiative will raise Rwanda's national aviation training capacity to international standards, contribute to human capital development and support the country's ambition to become a regional aviation hub. Senegal: A €25 million loan will help finance the 'Water Valorization for Value Chains Development Project- Phase 2 (PROVALE – CV2)' together with AfDB and other partners to promote the sustainable increase of agricultural production, jobs and incomes. The project is also helping to combat the impact of climate change on agricultural and livestock production. It will directly benefit 57,000 households. Tanzania: A US$75 million loan - as the first tranche of a US$150 million facility - will support the 'Regional Standard Gauge Railway Project (Uvinza–Malagarasi Section)', co-financed with AfDB and other partners. The project will enhance regional connectivity and stimulate trade between Tanzania, Burundi and the Democratic Republic of the Congo. Private Sector Operations: Côte d'Ivoire: A €30 million loan will expand access to finance for small and medium-sized enterprises (SMEs), helping to strengthen entrepreneurship, promote job creation and stimulate economic growth. Democratic Republic of the Congo: A US$20 million loan, as part of a larger financing package with development partners, will support on-lending to critical sectors of the economy. Nicaragua: A US$20 million loan will promote financial inclusion by facilitating access to credit for businesses in agriculture sector. Regional (Africa): A US$40 million participation in a US$240 million trade finance facility will finance the import and export of agricultural commodities across multiple African countries. Distributed by APO Group on behalf of OPEC Fund. Contact: The OPEC Fund for International Development P.O. Box 995 1011 Vienna, Austria Telephone: +43-1-515 64-0 Fax: +43-1-513 92 38 Webiste: About the OPEC Fund: The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and S&P Global Ratings. Our vision is a world where sustainable development is a reality for all.
Gulf Today
11-03-2025
- Business
- Gulf Today
OPEC Fund provides $35 million loan to support food security, climate action in Uzbekistan
The OPEC Fund for International Development (the OPEC Fund) is extending a US$35 million loan to Uzbekistan's State Joint-Stock Company Asaka Bank (Asaka Bank) to enhance food security and expand financing for climate action projects in the Central Asian country. The funding will help increase access to finance for agriculture and strengthen the bank's climate finance portfolio. In a statement, Abdulhamid Alkhalifa, OPEC Fund President, said, 'Our partnership with Asaka Bank supports two crucial priorities for Uzbekistan - ensuring food security and addressing climate change. Agriculture remains a cornerstone of the country's economy and targeted investments in sustainable practices will help smallholder farmers build resilience and boost productivity. The new financing reflects our commitment to fostering economic growth while driving climate action.' The statement added that agriculture is a key driver of Uzbekistan's economy, accounting for 25 percent of the country's GDP and also employing about a quarter of the workforce. As the sector faces challenges such as extreme weather events, water scarcity and limited access to finance, strengthening financial support for small-scale farmers can create far-reaching benefits. Asaka Bank will on-lend the OPEC Fund's loan to small and medium-sized enterprises and agribusinesses, enabling them to access essential financing for growth. This will help farmers and rural enterprises secure critical services, adopt modern technology and expand market access - strengthening productivity and resilience across the sector. The OPEC Fund has been a long-standing partner of Uzbekistan for 25 years, supporting nearly 30 public and private sector projects with a total loan volume of US$800 million to date. A Country Partnership Framework signed in 2024 earmarks US$500 million in new OPEC Fund financing to advance Uzbekistan's sustainable development agenda until 2029.
Zawya
10-03-2025
- Business
- Zawya
OPEC Fund provides $35mln loan to Asaka Bank
The OPEC Fund for International Development (the OPEC Fund) is extending a US$35 million loan to Uzbekistan's State Joint-Stock Company Asaka Bank (Asaka Bank) to enhance food security and expand financing for climate action projects in the Central Asian country. The funding will help increase access to finance for agriculture and strengthen the bank's climate finance portfolio. OPEC Fund President Abdulhamid Alkhalifa said: 'Our partnership with Asaka Bank supports two crucial priorities for Uzbekistan - ensuring food security and addressing climate change. Agriculture remains a cornerstone of the country's economy and targeted investments in sustainable practices will help smallholder farmers build resilience and boost productivity. The new financing reflects our commitment to fostering economic growth while driving climate action.' Agriculture is a key driver of Uzbekistan's economy, accounting for 25 percent of the country's GDP and also employing about a quarter of the workforce. As the sector faces challenges such as extreme weather events, water scarcity and limited access to finance, strengthening financial support for small-scale farmers can create far-reaching benefits. Asaka Bank will on-lend the OPEC Fund's loan to small and medium-sized enterprises and agribusinesses, enabling them to access essential financing for growth. This will help farmers and rural enterprises secure critical services, adopt modern technology and expand market access - strengthening productivity and resilience across the sector. Asaka Bank is Uzbekistan's fourth-largest commercial bank by assets and gross loans. The bank plays a key role in financing economic development and is majority state-owned. The OPEC Fund partners with Asaka Bank through its risk-sharing program with international financial institutions. The OPEC Fund has been a longstanding partner of Uzbekistan for 25 years, supporting nearly 30 public and private sector projects with a total loan volume of US$800 million to date. A Country Partnership Framework signed in 2024 earmarks US$500 million in new OPEC Fund financing to advance Uzbekistan's sustainable development agenda until 2029. About the OPEC Fund The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.
