OPEC Fund approves US$100mln in new global development support

A US$20 million loan for the SADC Sub Regional Transport and Trade Facilitation Project will support the rehabilitation of 101 kilometers of roadway and 50 kilometers of feeder roads in the central region of the country. Additionally, 16,000 trees will be planted, several schools will be renovated and three roadside markets will be relocated. The project’s overall objective is to enhance competitiveness and socio-economic integration between Malawi and neighbouring Mozambique.

Uganda: A US$30 million loan will finance the upgrade from gravel to a paved surface for a section of approximately 70 kilometers in the country’s central eastern region. The improvement of the national road network will facilitate better access to markets for farmers and traders and boost access to social services in the region. The project will directly benefit more than half a million people.

Cambodia: Micro, small, and medium-sized enterprises (MSMEs), including those that are women-owned and rurally located, stand to profit from a US$20 million loan to the financial sector for on-lending. Improving access to financing is especially important for MSME’s in the recovery period after the COVID-19 pandemic as these businesses are responsible for a significant portion of Cambodia’s GDP. 

Uzbekistan: A US$30 million loan to the country’s financial sector will support local small businesses through on-lending. The loan will have significant development impact on national growth thanks to the key role SMEs play as the backbone of Uzbekistan’s economy, accounting for more than half of the country’s GDP and approximately 75 percent of employment.