DEVELOPMENT NEWS
Boosting local businesses in Uzbekistan T he OPEC Fund signed a US$30 million loan agreement with the Joint Stock Innovation Commercial Bank Ipak Yuli (Ipak Yuli Bank) to expand access to financing
for micro, small and medium-sized enterprises in Uzbekistan, including women-owned businesses. This is the OPEC Fund’s first direct loan to a privately-owned bank in Uzbekistan and a significant step in its growing partnership with the country. It complements a five-year, US$500 million partnership framework signed earlier in 2024 to support Uzbekistan’s development priorities, including private sector expansion and economic modernization.
Photo: iStock
A US$40 million loan to Sanoat Qurilish Bank (SQB), formerly known as JSCB Uzbek Industrial and Construction Bank (Uzpromstroybank), will support small and medium-sized enterprises and the agriculture sector in Uzbekistan. The loan will enhance access to finance for local businesses and agribusinesses, helping them grow, create jobs and contribute to sustainable economic development. Supporting SMEs and agriculture in Uzbekistan
Advancing clean energy and infrastructure in Madagascar US$35 million loan kickstarts OPEC Fund’s clean cooking program T wo landmark agreements with the Republic of Madagascar will boost support for sustainable socio-economic development and energy transition: a US$35 million loan will support the SMART Clean Cooking Project, while a US$30 million loan will help develop transport infrastructure through the Facilitation of Commerce Corridors Project (PACFC II). The improved infrastructure will provide better access to markets, healthcare and education for over 1.5 million people, significantly reduce travel time and boost trade flows. More than two billion people around the world rely on kerosene, wood, charcoal and other biomass for daily cooking. The OPEC Fund selected Madagascar because of the urgency and magnitude of the country’s needs. Just 1.6 percent of the population has access to clean fuels. Indoor air pollution from traditional cookstoves causes 17,000 deaths every year and is the primary cause of child mortality. Both loans reinforce the OPEC Fund’s long-standing partnership with Madagascar.
The US$40 million loan will enhance access to local business and agribusiness, creating new jobs.
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