DEVELOPMENT NEWS
SMEs make up 98 percent of companies in Côte d’Ivoire
A €30 million OPEC Fund loan to Coris Bank International Côte d’Ivoire will support the growth of the bank’s small and medium-sized enterprise (SME) portfolio. SMEs play a crucial role in the national economy, making up 98 percent of companies, providing 23 percent of jobs and creating 20 percent of Côte d’Ivoire’s GDP. However, a financing gap estimated at US$2.3 billion (or 3 percent of GDP) creates a growth constraint for the vast majority of businesses. The project is expected to contribute to SDG 8 – Decent Work and Economic Growth and SDG 9 – Industry, Infrastructure and Innovation. Boosting the private sector in Côte d’Ivoire
A €60 million OPEC Fund loan to the government of Kenya will support the implementation of a series of policy and governance reforms that aim to accelerate a green economic recovery. The reforms include the improvement of public expenditure management and enhance transparency in public debt. In turn, this will create the fiscal space necessary for fostering investments that promote inclusion and green growth, in particular generating opportunities for women and youth in micro, small and medium-sized enterprises. Promoting economic inclusion and stimulating the green recovery in Kenya Supporting Botswana’s private sector growth
T he OPEC Fund is providing a US$40 million loan to the Botswana Development
Stimulating investment in East Africa A US$40 million OPEC Fund loan to the East African Development Bank (BOAD) will be utilized to finance small and medium-sized enterprises and infrastructure projects across various sectors in the bank’s member countries, which include Kenya, Rwanda, Tanzania and Uganda. The loan is expected to be complemented by a US$25 million facility to be syndicated by the OEPC Fund. The financing will address a supply gap in long-term foreign currency funding in East Africa.
Corporation, broadening access to financial resources for private sector companies. The project is expected to contribute to SDG 8 – Decent Work and Economic Growth by
financing key sectors such as agribusiness, healthcare, education and renewable energy, all of which are key for economic diversification in the country.
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