OFID, OPEC's Financial arm in charge of development aid, will provide $ 20 million in aid to countries in East Africa. Thanks to loans granted through the EADB, the new funds will help support SMEs and implement infrastructure projects.
The OPEC Fund for International Development (OFID) will disburse $ 20 million to the countries of East Africa. That’s what the institution said in a statement released this week.
The new funding aims to help small and medium-sized enterprises (SMEs) in countries in the region. Granted through the East African Development Bank (EADB), it will provide loans as part of a strategy aimed at strengthening the development of the private sector which has been greatly affected this year by the crisis in Africa. coronavirus.
The funds will also be used to develop infrastructure projects. These will notably improve access to social services, support trade and ultimately provide East Africa with a more competitive business environment.
“By financing SMEs, we hope to promote businesses that generate employment opportunities, social economic development and therefore promote regional integration. The SME sector is an essential pillar for sustainable economic growth, as it is the backbone of the economies of the EADB member countries, ”said Vivienne Yeda (photo), CEO of the Bank.
Note that this loan is the third of its kind granted by OFID to EADB in the context of support for SMEs.
Source Ecofin Agency