Vienna, Austria, August 24, 2020. The OPEC Fund for International Development (the OPEC Fund) has extended four loans to support COVID-19 response efforts in Bangladesh, Benin, Dominica and Guyana. The loans, totalling US$115 million, form part of the OPEC Fund’s US$1 billion commitment to collective and coordinated COVID-19-related assistance for developing countries.
Guyana’s US$20 million loan will help bolster a national social safety net program providing, among other things: food and educational supplies to 20,000 low-income families; social assistance (including utility bill support and unemployment benefits) to around 55,000 households; and subsidised loans and loan guarantees to around 300 micro- and small-sized enterprises in sectors affected by the COVID-19 outbreak.
About the OPEC Fund
The OPEC Fund is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to developing countries. The OPEC Fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services and promote productivity, competitiveness, and trade. The OPEC Fund’s work is people-centered, focusing on projects that meet basic needs – such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare, and education. The OPEC Fund aims to encourage self-reliance and inspire hope for the future.