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OPEC Fund backs SMEs in West Africa via EUR 50m loan

OPEC Fund backs SMEs in West Africa via EUR 50m loan
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Mubasher: The OPEC Fund for International Development signed a EUR 50 million loan with the West African Development Bank (BOAD) to support small and medium-sized enterprises (SMEs).

The investment will also endorse financial institutions and back green energy projects, according to a press release.

Meanwhile, sub-loans under the agreement will be available in the member countries of the West African Monetary Union (WAMU).

The nations are Benin, Burkina Faso, Côte d’Ivoire, Guinea- Bissau, Mali, Niger, Senegal, and Togo.

The new financing aligns with the OPEC Fund’s Climate Action Plan, which commits the institution to dedicate 40% of all new financing to climate-related investments by 2030.

The Director-General of OPEC Fund, Abdulhamid Alkhalifa said: “We are pleased to further expand our cooperation with BOAD in line with two strategic priorities of our institutions: providing access to finance for local businesses and promoting green energy solutions to support cheaper, cleaner, and reliable sources of electricity generation.”

“We are committed to contributing to growth and sustainable development in the WAMU member countries,” Alkhalifa continued.

Serge Ekue, President and Chairman of BOAD, underlined that the agreement will “promote the balanced development of our member countries and foster economic integration within West Africa, by financing priority development projects for the overall well-being of our populations.”

It is worth highlighting that the OPEC Fund and BOAD have been collaborating since 1983 and have jointly financed 25 public, private, and trade finance projects.