DEVELOPMENT NEWS
Reinforcing climate change resilience in the Solomon Islands U S$15 million in OPEC Fund financing will improve fiscal management and private sector development of the Solomon Islands as well as enhance resilience to climate change, natural disasters and health emergencies. This policy-based loan will support many reforms across this Small Island Developing State (SIDS) including reducing energy costs, facilitating investment, improving access to private sector credit and strengthening resilience to climate change, natural disasters and health emergencies by enhancing disaster risk management. Bolstering healthcare in Grenada T he OPEC Fund is providing US$30 million in financing for the construction of a 250-bed climate- resilient academic hospital in Grenada. Co-financed alongside the Kuwait Fund for Arab Economic Development and the Saudi Fund for Development, the project will replace the aging General Hospital in the capital city St. George’s as well as improving access to specialized care, reducing overseas referrals and enhancing the resilience of the country’s health system. The new hospital will serve the island nation’s population of 125,000 people.
Assisting MSMEs and agribusiness in Bangladesh A US$30 million OPEC Fund loan to Prime Bank in Bangladesh, a private
commercial bank, will expand access to trade finance for micro, small and medium-sized enterprises and agribusinesses. The financing will help strengthen Bangladesh’s export-driven economy by supporting firms that face persistent gaps in affordable and reliable trade funding. The new loan will scale up Prime Bank’s capacity to
finance imports and exports, while providing working capital for agribusinesses supplying essential food and agricultural products.
Photo: MRC Nayeem /Shutterstock
Expanding healthcare in Fiji A US$30 million loan to the Government of Fiji will support a major initiative to modernize health services and improve access to quality care across the South Pacific island nation. The project will modernize and expand access to quality health services nationwide, with a strong focus on the prevention, early detection and treatment of non- communicable diseases. “Networks of Care” will also strengthen Fiji’s health system with improved service delivery and greater resilience to climate and health shocks. The project is co-financed with the World Bank Group and the Asian Development Bank to bolster health systems across Pacific SIDS. Optimizing public financial management in Eswatini A US$50 million OPEC Fund loan will improve fiscal policy and public financial management, enhance private sector competitiveness, while improving energy security and climate resilience in Eswatini. This policy-based loan will incentivize better fiscal and public financial management which in turn is expected to improve service delivery and public welfare. The reforms are particularly relevant, as nearly 60 percent of the population is exposed to climate-related shocks such as heat, flood, drought or cyclone.
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