DEVELOPMENT NEWS
Reducing poverty in the Philippines The government of the Philippines recognizes that public financial management is a powerful tool for reducing poverty and bridging regional disparities. A €128.3 million loan will help enact a series of reforms that will reduce poverty by improving the efficiency and reach of the social services. The reforms fall into three categories: improving national public financial management frameworks, fostering fiscal decentralization for service delivery and establishing a public financial management system in the Bangsamoro region, which contains the largest pockets of poverty in the Philippines. The goal is a more efficient public financial management system that can usher in sustainable financing in areas such as infrastructure, education, health, social assistance and other public services.
Photo: Imabulary /Shutterstock
A US$90.4 million loan will help finance a wastewater treatment plant in Azerbaijan’s second-largest city of Sumgayit with some 425,000 residents. The project will reduce health and environmental risks and increase the volume of wastewater that is safely and reliably treated and can be reused. The plant will have a capacity of 100,000 m 3 of water/day. The project includes rerouting sewer lines and rehabilitating pumping stations to improve collection and treatment efficiency. It will also eliminate direct discharges of domestic and industrial wastewater into the Caspian Sea and surrounding water bodies, restoring ecological balance and enhancing public health. Azerbaijan: Delivering cleaner water...
...and supporting MSMEs A US$20 million-equivalent local currency loan to Bank Respublika in Azerbaijan will support the expansion of its micro, small- and medium enterprise (MSME) portfolio. It is the OPEC Fund’s first local currency loan, reflecting the institution’s efforts to broaden its range of financing solutions. The loan will help MSMEs invest, expand and contribute more fully to productive growth and job creation. Micro and small businesses account for nearly half of all employment and 99 percent of registered enterprises in Azerbaijan.
Photo: MehmetO/Shutterstock
Supporting micro and small businesses in Bosnia and Herzegovina A €10 million loan to Mikrokreditno Društvo Mikrofin d.o.o. Banja Luka will expand access to finance for micro and small enterprises in Bosnia and Herzegovina, including women-owned businesses. The financing is part of a syndication led by the International Finance Corporation. Small businesses are the main drivers of growth and employment in Bosnia and Herzegovina.
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