FINANCIAL INSTITUTIONS
SMEs are the main creators of employment and income in most economies around the world, accounting for over 90 percent of jobs in many developing countries. However, access to finance remains one of the primary challenges for these enterprises, limiting growth prospects and re- straining the creation of new jobs.
The situation was further exacerbated by the COVID-19 pan- demic, which hit SMEs hard. The OPEC Fund responded by stepping up its activities and committing US$496 million in 2021 to the financial sector for on-lending primarily to pri- vate micro and small enterprises. Loans targeted the most affected and vulnerable sectors such as tourism, women-led enterprises or agricultural producers.
PROMOTING SUSTAINABLE ENERGY & SUPPORTING SMALL BUSINESSES IN ARMENIA With a US$30 million loan to Ameriabank, the largest uni- versal bank in Armenia, the OPEC Fund is supporting the development of the private sector in the country. Nearly 50 percent of the OPEC Fund’s loan will finance SMEs to grow their businesses and to retain and create jobs. The other half of the loan will be dedicated to green projects, increas- ing energy efficiency and reducing carbon emissions.
SUPPORTING SMEs & AGRICULTURE IN PARAGUAY The OPEC Fund and Banco Regional of Paraguay expanded their cooperation to provide funds for SMEs in the agri- business sector, a key sector of the country’s economy. The OPEC Fund’s US$30 million loan will be used for on-lend- ing and to support Paraguay’s recovery from the COVID-19 pandemic.
BOOSTING RENEWABLE ENERGY & ACCESS TO FINANCE IN NEPAL The OPEC Fund is cooperating with NMB Bank, a Nepalese lender, to close the financing gap for MSMEs, which consti- tute more than one-third of the bank’s total loan portfolio. The OPEC Fund’s US$15 million loan will help to further increase on-lending to these businesses. The loan will also help strengthen the generation of renewable energy, for which Nepal has rich potential and where NMB is one of the leading financiers.
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