OPEC Fund and Asian Development Bank join forces to strengthen Thailand’s Bio-Circular-Green Economy Spurring innovation with a half-million dollar grant
T he OPEC Fund and the Asian Development Bank (ADB) have signed a co-financing agreement to support Thailand’s new economic model for sustainable development. The OPEC Fund is extending a US$500,000 technical assistance grant to support a project aimed at strengthening Thailand’s Bio-Circular-Green (BCG) economy. It is part of the country’s ambitious vision of transforming into a value-based and innovation-driven economy known as “Thailand 4.0.” ADB Climate Envoy Warren Evans noted: “We are committed to the development of innovative approaches that can scale-
up the flow of climate finance into critical sectors in a just and timely manner. Our financing partnership with the OPEC Fund through this project will build on global best practices and help apply these innovations into locally relevant approaches and pilot projects, thus helping to accelerate green development. We support Thailand’s focus on BCG as an ambitious economic model.” The project will be administered by the ADB in close collaboration with the National Science Technology and Development Agency of Thailand. It is also supported by the Republic of Korea e-Asia Knowledge Partnership Fund and the
government of Australia. Thailand’s BCG model seeks to promote sustainable agriculture, clean energy, responsible consumption and production, as well as the conservation and responsible utilization of biodiversity. It is expected to generate close to US$23 billion of new investments by 2030, with an 85 percent projected contribution from the private sector. The OPEC Fund’s grant will help identify investment opportunities and support growth in key sectors within the model such as agriculture and food, energy, materials and biochemicals, wellness and medicine, and tourism among others. Supporting food security in Egypt T he OPEC Fund is strengthening food security in Egypt with a US$10 million contribution to a US$200 million syndicated trade finance facility with the International Islamic Trade Finance Corporation (ITFC). The facility will open the door for the import of vital food and agricultural goods. Egypt is the world’s largest wheat importer and relies heavily on global trade for essential commodities such as grains, vegetable oil and animal proteins to meet domestic demand. Steep price rises on international markets pose a serious challenge to the country with a population of 109 million and rapidly increasing birth rates. Egypt responded with a comprehensive food security strategy, which combines support for domestic production with diversification of imports and the enhancement of sustainable agricultural practices.
Boosting lending to women-owned businesses in Botswana
T he OPEC Fund is partnering with Access Bank Botswana to extend financial support to micro, small and medium-sized enterprises (MSMEs) in Botswana through a US$20 million loan. The financing is the first private sector loan from the OPEC Fund in Botswana. A significant portion of the funding, at least 30 percent, will be directed towards women-owned businesses and 70 percent will be provided for on-lending to local companies. The funds will help address the financing access gap experienced by many MSMEs. Access Bank Botswana Acting Managing Director
deliver much-needed access to finance for small businesses, provide these businesses with trade finance solutions through tailored financial products and promote the use of digital banking channels to help accelerate the growth of SMEs across the country. This way we we can drive sustainable economic growth, reduce unemployment
and build a resilient economy for the future.”
Musonda Chishimba Musakanya said: “This partnership will enable Access Bank Botswana to
Musonda Chishimba Musakanya, Access Bank Botswana, Acting Managing Director, with Abdulhamid Alkhalifa OPEC Fund Director-General
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