SPECIAL FEATURE
Sector spread: A quarter century of the OPEC Fund’s private sector financing has stimulated development across key economic sectors
On the following pages we highlight selected case studies where the OPEC Fund’s private sector operations have boosted economic growth, supported the creation of jobs and strengthened economic resilience.
PRIVATE SECTOR
Trade Finance US$4.13BN
Banco Promerica El Salvador
Country: El Salvador Type: Financial Institution First transaction: 2014 The OPEC Fund has supported Banco Promerica’s activities, particularly focusing on on- lending to small and medium- sized enterprises 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 support to SMEs in various economic sectors, including manufacturing, agribusiness and commercial services.
Banking and Financial Services US$2.98BN
Agriculture US$875MN
Energy US$760MN
Industry US$205MN
Communications US$148MN
Transport and Storage US$227MN
OPEC Fund total commitment: US$48 million Implementation Status: Completed
Health US$49MN
Multisector/Other US$56MN
The OPEC Fund provided us with much needed financing after the COVID-19 pandemic. The funds were especially helpful to support women and small enterprises, the backbone of our economy. We want to congratulate the OPEC Fund on its 25 year anniversary and thank you for your continued commitment to your mission of driving development, strengthening communities and empowering people. Thank you, OPEC Fund, for being an ally in the progress of El Salvador.
Over the first 25 years of OPEC Fund financing, trade finance has been the single biggest area of funding.
Mauricio Guirola, Commercial and Small Business Director, Banco Promerica
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