DEVELOPMENT NEWS
Improving portfolio diversification with IDB T he Inter-American Development Bank (IDB) and the OPEC Fund executed an Exposure Exchange Agreement (EEA) setting a new benchmark among multilateral development banks (MDBs) and supranational entities. This is the first time that the EEA instrument is used beyond the pool of Triple-A rated MDBs.
Promoting Türkiye’s agriculture and food sector
Cooperation with Development and Investment Bank of Türkiye
Improving port access in Tanzania T he OPEC Fund is extending a US$42.3 million loan to Tanzania to upgrade a 59 kilometer section of earth road to a fully-paved, two-lane connection linking the Karema Port to the national paved road network. The project will reduce the time and cost of travel and improve mobility and accessibility, which increases regional integration through trade with neighboring Democratic Republic of Congo and Burundi. A US$50 million OPEC Fund loan to Türkiye will support the agricultural and food production sectors, prioritizing 11 cities hit by the devastating earthquakes of February 2023. The Development and Investment Bank of Türkiye (TKYB) will on-lend the funds to small and medium-sized enterprises to support e ff orts to overcome the calamity’s impact and to promote a more resilient
and sustainable agriculture sector. The project will provide funds to businesses to recover and increase resilience in the food sector to withstand future shocks, including natural disasters and climate change. It will strengthen long-term food value chains by improving practices, production, productivity, supply chain infrastructure and market access.
I n an e ff ort to increase the sustainability and operating e ffi ciency of the energy sector in the Dominican Republic, the OPEC Fund is providing two loans totaling US$120 million for a program to improve the country’s electricity distribution system. The program’s objectives include, among others, the construction of new substations and low- and medium-voltage networks as well as the rehabilitation of existing electricity distributions networks. About 1.3 million residents are expected to benefit from the program, which will result in fewer outages and increased hours of available electricity. Increasing energy security in the Dominican Republic
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