DEVELOPMENT NEWS
Improving connectivity in Paraguay A US$50 million loan by the OPEC Fund will co-finance the rehabilitation, upgrading and maintenance of National Route PY22 and access roads in the north Paraguayan department of Concepción.
Co-financed with a US$135 million loan from CAF – Development Bank of Latin America and the Caribbean, the project will benefit some 125,000 people in the south American country by enhancing regional connectivity, strengthening trade and supporting socio-economic development.
The OPEC Fund will contribute a
US$50 million loan to Route PY22, which will benefit 125,000 people .
OPEC Fund marks first syndication with US$50 million loan Financing to benefit small and medium-sized enterprises in Paraguay
T he OPEC Fund has arranged a syndicated loan with a US$50 million facility for the benefit of Banco Continental in Paraguay. While the OPEC Fund will contribute US$25 million from its own resources as A-lender, it has also mobilized a US$25 million B-loan from Commercial Bank of Dubai (CBD). The funding will support Banco Continental’s efforts to expand lending to small and medium-
sized enterprises and to support the agriculture sector. The successful syndication marks a milestone in the OPEC Fund’s mission to mobilize financing for the development needs of partner countries: CBD is one of the largest banks in the UAE, one of the OPEC Fund member countries and the financing represents its first operation in Paraguay.
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