DEVELOPMENT NEWS
A €60 million loan to Côte d’Ivoire will upgrade infrastructure and boost economic competitiveness in the West African country’s transport and energy sectors. Phase I of the Economic Transformation and Inclusive Governance Program (PATEGI) aims to accelerate the green transition of the transport and electrical energy sectors by increasing resources while ensuring inclusive, sustainable management of public finances. Helping the green transition in Côte d’Ivoire
Boost to local businesses and climate action in Armenia A US$10 million loan agreement with Evocabank CJSC will support micro, small and medium-sized enterprises in Armenia, the backbone of the local economy.
The US$10 million loan will focus on women-led businesses and various energy projects
Lending will focus on women-led businesses as well as energy efficiency and renewable energy projects to promote climate action. Armenia has registered rapid growth in recent years and the provision of financing is critical to turn this into a durable expansion, benefiting businesses and people.
T he OPEC Fund signed its first private sector operation in the Dominican Republic, a key milestone in expanding support in Latin America and the Caribbean. The US$17.5 million operation with Banco Múltiple Promerica de la República Dominicana (Banco Promerica) will support the growth of small and medium-sized enterprises and women-led businesses in the Dominican Republic. The financing aims to facilitate access to funding for underserved businesses, fostering sustainable economic development and financial inclusion. The financing will address the significant financing gap local businesses, particularly those led by women, are facing. Dominican Republic sees first OPEC Fund private sector operation
Pledging US$1 billion for sustainable development in Latin America T he OPEC Fund and CAF- Development Bank of Latin America and the Caribbean signed
a new Cooperation Framework Agreement to enhance their partnership in promoting sustainable development across Latin America. The agreement focuses on co- financing infrastructure projects and fostering economic growth in the region. Under the agreement, the OPEC Fund aims to contribute up to US$1 billion in co-financing for public sector projects over the three- year period from 2024 to 2027.
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