OPEC FUND
NEW OPEC FUND DEVELOPMENT FUNDING
By Anna Ilaria-Mayrhofer, OPEC Fund FAST-TRACK APPROVALS
Approvals for projects in the Dominican Republic and Viet Nam were initiated via fast-track procedure to ensure finance reaches those who need it the most quickly and effectively
Dominican Republic US$60 million
The Program to Expand Electricity Networks and Reduce Technical Losses in Distribution Systems aims to reduce electricity distribution losses and improve the efficiency of electrical infrastructure through the construction of substations and distribution networks in the north and east of the country. The program also includes institutional strengthening and community outreach.
Viet Nam US$40 million
Support to a private sector financial institution in Viet Nam to benefit the country’s small and medium-sized enterprises during the recovery from the impact of the COVID-19 pandemic.
Kosovo US$40 million
The Public Finances and Economic Growth Program will support the government’s priorities set out in its National Development Strategy 2030 aimed at strengthening partnerships, transitioning to a greener economy and improving socio- economic conditions. The program, developed with the World Bank Group, will improve fiscal transparency, promote private sector development by streamlining the country’s regulatory framework, and enable environmental reforms in the energy and waste management sectors.
48 PHOTO: DaveLongMedia/iStock BOARD APPROVALS
The OPEC Fund Governing Board at its 179th session in mid- March 2022 approved projects for a total of US$233 million in support of economic recovery, new infrastructure funding and boosting food security. The funding will benefit public sector projects promoting sustainable development.
PHOTO: Sylvia Liu/
Shutterstock.com
PHOTO: OPIS Zagreb/
Shutterstock.com
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