BAKU, Azerbaijan, September 16. The OPEC Fund
has approved a total of $60 million for projects in Azerbaijan, the
Fund said.


The decisions were made during the 197th session of the
Governing Board of the OPEC Fund for International Development (the
OPEC Fund).


Reportedly, a US$40 million senior secured project loan will
support the "Caspian Sea Water Desalination Project" in Sumgayit,
the country’s first large-scale seawater desalination plant.


Moreover, a US$20 million senior loan to a local financial
institution will expand access to finance for micro, small and
medium-sized enterprises (MSMEs), including women-owned
businesses.


“Since its previous session, the OPEC Fund has approved US$645
million in new financing for operations across 14 partner
countries,” said the Fund.


OPEC Fund President Abdulhamid Alkhalifa said that these
investments address essential foundations of sustainable
development: reliable water and energy, resilient infrastructure,
effective economic institutions and access to finance.







“By working across the public and private sectors, the OPEC Fund
is helping partner countries overcome immediate constraints while
creating the conditions for greater opportunity and long-term
resilience,” he added.


Tajikistan, among other countries, got a US$30 million loan that
will help finance Phase 1 of the "Rushan-Varshez Road
Rehabilitation Project", reconstructing an 82.2 km section of the
Dushanbe-Kulma-China Border highway.


A US$30 million loan was allocated to Kazakhstan’s local
financial institution to support lending to SMEs and
agribusinesses. This is OPEC Fund's first private sector financing
in the country.


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.