BAKU, Azerbaijan, September 16. The OPEC Fund has approved a total of $60 million for projects in Azerbaijan, the Fund said.
The decisions were made during the 197th session of the Governing Board of the OPEC Fund for International Development (the OPEC Fund).
Reportedly, a US$40 million senior secured project loan will support the "Caspian Sea Water Desalination Project" in Sumgayit, the country’s first large-scale seawater desalination plant.
Moreover, a US$20 million senior loan to a local financial institution will expand access to finance for micro, small and medium-sized enterprises (MSMEs), including women-owned businesses.
“Since its previous session, the OPEC Fund has approved US$645 million in new financing for operations across 14 partner countries,” said the Fund.
OPEC Fund President Abdulhamid Alkhalifa said that these investments address essential foundations of sustainable development: reliable water and energy, resilient infrastructure, effective economic institutions and access to finance.
“By working across the public and private sectors, the OPEC Fund is helping partner countries overcome immediate constraints while creating the conditions for greater opportunity and long-term resilience,” he added.
Tajikistan, among other countries, got a US$30 million loan that will help finance Phase 1 of the "Rushan-Varshez Road Rehabilitation Project", reconstructing an 82.2 km section of the Dushanbe-Kulma-China Border highway.
A US$30 million loan was allocated to Kazakhstan’s local financial institution to support lending to SMEs and agribusinesses. This is OPEC Fund's first private sector financing in the country.
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world.
