OPEC Fund Annual Report 2023

01 | THE HIGHLIGHTS – PRIVATE SECTOR @25

ETC GROUP FACILITY

BANQUE POPULAIRE DE MAURITANIE

Country Africa & Global

Type Trade & Corporate

1 st transaction 2009

Country Mauritania

Type Financial Institution & Equity

1 st transaction 1999

Since its establishment in Kenya in 1967, ETC Group has developed into one of the largest independent agricultural commodity supply chain managers in Africa. It owns more than 300 warehouses and oper- ates over 70 processing plants. Several OPEC Fund loans, with the first US$30 million facility provided in 2009, have helped ETC expand its infrastructure and processing capacity. More than 350,000 smallholder farmers have benefitted and over half the funds have gone to Least Developed Countries.

The partnership began in 1999 when the OPEC Fund became a founding shareholder in Mauritanie Leasing, the predecessor to Banque Populaire de Mauritanie (BPM). Following the successful introduc- tion of leasing operations, BPM has since evolved into a universal bank focusing predominantly on SME financing. To date, the OPEC Fund has approved four lines of credit to BPM for on-lending to SMEs, supporting the development of new businesses and helping to create over 25,000 permanent jobs.

OPEC Fund total commitment: US$65 million

OPEC Fund total commitment: US$13 million

Operation Implementation: Completed

BANCO PROMERICA EL SALVADOR

Country El Salvador

Type Financial Institution

1 st transaction 2014

The OPEC Fund has supported Banco Promerica’s activities, particularly focusing on on-lending to small and medium enterprises (SMEs) and addressing the demand for short, medium and long-term financing. The OPEC Fund has provided the bank with three loans totalling US$48 million, supporting job creation and bolstering economic growth. Banco Promerica has extended its sup- port to SMEs in various economic sectors, includ- ing manufacturing, agribusiness and commercial services.

OPEC Fund total commitment: US$48 million

Operation Implementation: Completed