COVID-19 RESPONSE — AN AGILE PARTNER


In Honduras, the OPEC Fund partnered with Banco Ficohsa to provide financing for on-l ending to SMEs engaged in agriculture, manufacturing and textiles. The country’s economy has been severely affected by the pandemic and two hurricanes in late 2020. Enabling access to funds through local banks is expected to help hundreds of small businesses to recover and ensure their financial sustainability.


The OPEC Fund responded to the outbreak of the COVID-19 pandemic in 2020 with the adoption of a US$1 billion program in support of governments and the private sector. Given the urgency of the challenge, the Fund also introduced a fast-track approval process. By the end of 2021, the facility was fully utilized.


Operations in response to COVID-19 focused on minimizing the economic disruption caused by the pandemic and supporting emergency relief efforts as well as medical and social care interventions. Ensuring access to capital for small- and medium-sized enterprises (SMEs) helped sustain employment levels and create new jobs as economies adapted to the challenges posed by the crisis.


The OPEC Fund also worked on strengthening supply chains to promote international trade and connectivity. A US$80 million loan to the African Export-Import Bank helped enable the flow of international trade among corporates or through financial intermediaries across the continent and contribute to the economic livelihood of its citizens.


The global nature of the crisis also meant that the OPEC Fund increased its partnership engagements with multi- lateral, regional and bilateral development organizations.


16


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64