DEVELOPMENT NEWS
The program will support 50,000 pensioners and other beneficiaries.
Pilot SIDS project to elevate regional climate change collaboration The OPEC Fund signed a US$350,000 technical assistance grant with the Pacific Islands Forum Secretariat to fund a pilot program that aims to support project pipeline development and climate finance mobilization as well as foster regional climate change collaboration. The grant is aligned with the OPEC Fund Island Resilience Facility that delivers tailored solutions and strategic funding to enhance climate resilience in small island developing states. The platform strengthens impactful and bankable climate adaptation projects. Disaster risk management in Saint Vincent and the Grenadines Saint Vincent and the Grenadines is highly vulnerable to the impacts of climate change, primarily sea level rise and hurricanes. The country also faces significant risks from landslides, coastal flooding and earthquakes. Climate mitigation and adaptation are of particular importance. A US$40 million OPEC Fund loan will boost the government’s capacity to manage disaster and climate risks by building physical and community resilience. This will be accomplished through policy actions to strengthen regulatory, risk and fiscal management as well as adaptation frameworks. The scope of the project includes ensuring that new developments are environmentally sustainable and a comprehensive framework for disaster preparedness. Bolstering social services in Barbados Two OPEC Fund loans, totaling US$50 million, will strengthen social services in Barbados by enhancing the efficiency and sustainability of key social programs, expanding support for vulnerable groups and advancing digitalization and disaster- preparedness reforms. The program is expected to reinforce long-term social protection and pension sustainability. The program is expected to benefit more than 100,000 residents contributing to the national insurance and social security service, 50,000 pensioners and more than 1,000 families living in extreme poverty. Introducing digital transformation, the project will make the public administration more efficient and cost effective.
Nurturing the business climate in Benin Two new loans to Benin will help stimulate growth in the West African country and boost the business environment. First, a €30 million loan to the government will assist the Support Program for Economic Governance and Private Sector Development to strengthen economic governance, stimulate private sector growth and foster a more investment-friendly climate. Second, a €27 million loan to Banque Internationale pour l’Industrie et le Commerce (BIIC), a local bank, will promote greater financial inclusion with allocations to underserved segments. A portion will be directed to micro, small and women-led businesses. The loan is the OPEC Fund’s first operation with BIIC and the first in Benin’s financial sector.
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