THE HISTORY OF THE OPEC FUND
In 2015, the OPEC Fund provided a US$1.5 million microfinance loan to Amret.
Financial sector approvals by region
Total approvals: US$3.03 BN
Latin America & Caribbean Asia Global
Africa Europe
Amounts under US$.09 MN may not be reflected in this chart
Amret Microfinance Institution in Cambodia
Amret provides financial services – including small loans (microfinance), SME loans, savings, payments/transfers
with large reach among rural communities. The OPEC Fund deepened its engagement with a second line of credit (approved in June 2007) for US$4 million aimed at expanding microfinance services to micro and small enterprises across Cambodia, promoting employment creation, economic benefit, poverty reduction. The OPEC Fund’s support played a critical role in enabling Amret to expand, increasing credit access for rural households and SMEs, enhancing financial inclusion. In Cambodia, especially in rural areas, many citizens and small businesses have only limited access to banking and finance. Microfinance institutions like Amret fill a vital gap. By supporting such an institution, the OPEC Fund contributed to financial inclusion, poverty alleviation, support for agriculture and small businesses.
the instrument played an important role in other areas, for instance humanitarian aid. The OPEC Fund has long provided assistance to people who are forced to flee conflict and destitution. The partnership with the UN Relief and Works Agency for Palestinian Refugees in the Near East (UNRWA) started in 1979 and supported education, vocational training, emergency relief and humanitarian aid programs in the Palestinian territories. Another key partner since 1984 has been the UN High Commissioner for Refugees (UNHCR) with support for operations in Africa and Asia. A grant agreement in 2005 sealed cooperation with the United Nations Children’s Fund (UNICEF). In recent years, the OPEC Fund has strongly increased its partnership with the International Federation of Red Cross and Red Crescent Societies, for instance after the earthquakes in Türkiye and Syria in February 2023 and in Morocco in the same year.
– to the rural population, farmers, small businesses
and underserved households. Loans are typically used to finance agricultural activities, notably crop production, animal husbandry, fishing and palm sugar production. A second business activity is lending to small enterprises. The OPEC Fund provided a US$1.5 million microfinance loan in 2015 to enable Amret to expand its services into two new provinces, diversify its funding sources and decentralize some of its operational and financial management to the provincial level. Amret was established in 1991 and obtained its microfinance license in 2001. Over time, it has grown to become one of the top financial institutions in Cambodia,
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