OPEC Fund Loan To Support SMEs And Agriculture In Paraguay
Mohammad Ali (@ChaudhryMAli88) Published October 13, 2021 | 11:30 AM
VIENNA, (UrduPoint / Pakistan Point News / WAM - 13th Oct, 2021) The OPEC Fund for International Development (OFID) has announced the signing of a US$30 million term loan agreement with Banco Regional of Paraguay for on-lending to small-and medium-sized enterprises (SMEs), particularly agribusinesses that have been severely disrupted by economic slowdowns as a result of the COVID-19 pandemic.
Agribusiness is a key economic driver of Paraguay’s economy and food exports are the main source of the country’s foreign Currency. The sector is composed primarily of agro-related SMEs, generating over 80 percent of employment.
According to a press statement issued by OFID, the loan will help Banco Regional to address the SME’s needs for liquidity caused by business interruption in connection to the partial COVID-19 lockdown.
Speaking on the occasion, OPEC Fund Director-General Abdulhamid Alkhalifa said, "Building on our strong partnership with Banco Regional, we will provide access to finance for small and medium sized businesses, particularly in agribusiness, a vital sector for Paraguay’s economy.
This will help to increase Paraguay’s links to global value chains, support exporting SMEs and protect employment in related industries."
This is the third facility the OPEC Fund has extended to Banco Paraguay. Proceeds from the first loan were used to on-lend to 36 sub-borrowers in the agriculture sector. The second facility provided 53 sub-loans to Paraguayan enterprises for international trade finance purposes, pre-export finance of cash crops and import of agricultural supplies and machinery.
The OPEC Fund has supported Paraguay’s development focused goals for over 40 years and financed projects in sectors including the financial, transportation, energy and agriculture through its public, private and trade finance, and grants operations.
The Fund was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. It is the development finance institution established as a channel of aid to developing countries.
Related Topics
Recent Stories
Delegation of international investors meets Finance Minister
Federal Govt stands with Balochistan for its development: Naqvi
UAE President receives condolences of Prime Minister of Pakistan over passing of ..
ECC approves to enhance wheat procurement targets
UN urges Israel to 'stop escalation' as tanks enter Gaza's Rafah city
EU stumps up $125 mn for Yemen after aid groups' plea
Governor Tessori condemns May 9 riots, calls it a 'pre-planned conspiracy'
PM condoles with UAE President over Sheikh Tahnoun’s death
Milan nets Giro 4th stage, Pogacar retains lead
UBS back in profit after Credit Suisse takeover losses
Asiya Gul lauds Shafaat's services as DG LG
President for dialogue with all political forces in Balochistan
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago