BAKU, Azerbaijan, March 26. Azerbaijan has been
allocated more than $110 million in new financing from the OPEC
Fund for International Development, aimed at improving
infrastructure and expanding access to finance for small
businesses, Trend reports via the Fund.
The funding was approved at the institution’s 195th Governing
Board meeting as part of a broader $890 million package supporting
development projects across Africa, Asia, Latin America and the
Caribbean, and Europe.
Under the public sector window, Azerbaijan will receive a $90.4
million worth loan for the Sumqayit Wastewater Treatment Plant
Project to construct a 100,000 m³/day facility. The project will
improve sanitation for at least 427,000 people, reduce pollution in
the Caspian Sea and enable the reuse of treated water for
agriculture.
In the private sector, Azerbaijan will benefit from an
additional $20 million, marking the OPEC Fund’s first synthetic
local currency loan — to support a systemic financial institution
and expand MSME lending.
The broader $890 million financing package is designed to
strengthen infrastructure and transport connectivity, enhance food
security and climate resilience, and scale up climate-focused
investments. It also targets improved access to finance for MSMEs
across multiple regions.
The OPEC Fund for International Development (the OPEC Fund) is
the only globally mandated development institution that provides
financing from member countries to non-member countries
exclusively. The organization works in cooperation with developing
country partners and the international development community to
stimulate economic growth and social progress in low- and
middle-income countries around the world. To date, the OPEC Fund
has committed more than US$32 billion to development projects in
over 125 countries with an estimated total project cost of more
than US$240 billion.
