EVENTS
This is also the case with a new support package in favor of the government of Paraguay, which will finance a national reform program designed to strengthen sustainable economic development and increase climate change resilience. The OPEC Fund signed its US$100 million loan at the sidelines of the IDB meeting: “Our loan will help Paraguay adopting measures to reduce its vulnerability to climate change”, said Mr. Linares. CAF also contributed to the program (see page 44). The OPEC Fund’s presence in Paraguay also included the private sector. Most recently the institution signed a US$50 million loan to Banco Continental S.A.E.C.A for on-lending to local small and medium-sized enterprises. “Our loan will support core economic sectors of Paraguay’s economy, providing access to funding for agribusiness and livestock in order to secure food security,” said Ms. Moreno (see page 45). There is still more to come. Following a Memorandum of Understanding with FONPLATA at the first OPEC Fund Development Forum in June last year, both institutions are now working on ways to intensify their cooperation. In
a significant step forward they agreed on a regular project pipeline review in countries of joint interest. ”We are confident to implement this approach swiftly, because time is of the essence”, emphasized Mr. Aguilar. Also the host country Panama used a meeting with the OPEC Fund delegation to underline its commitment to further cooperation. In late December the OPEC Fund provided a US$120 million loan in support of a national climate action program.
This diverse region holds enormous potential for sustainable development and climate action.
Ulrike Haarsager, OPEC Fund, Head of Development Effectiveness 61
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