SMEs :OPEC Fund approves US$100 million in new global development support

Support for transportation and small and medium-sized enterprises (SMEs) are highlights of the latest projects the OPEC Fund for International Development has approved at the 180th session of its Governing Board in Vienna. The total of US$100 million in new funding will benefit public and private sector projects promoting sustainable development around the world.

Malawi: A US$20 million loan for the SADC Sub Regional Transport and Trade Facilitation Project will support the rehabilitation of 101 kilometers of roadway and 50 kilometers of feeder roads in the central region of the country. Additionally, 16,000 trees will be planted, several schools will be renovated and three roadside markets will be relocated. The project’s overall objective is to enhance competitiveness and socio-economic integration between Malawi and neighbouring Mozambique.

Uganda: A US$30 million loan will finance the upgrade from gravel to a paved surface for a section of approximately 70 kilometers in the country’s central eastern region. The improvement of the national road network will facilitate better access to markets for farmers and traders and boost access to social services in the region. The project will directly benefit more than half a million people.