$20 Million being Autographed by the OPEC Fund for International Development in Endorsement of a Term Loan Assistance for Small and Medium-Sized Enterprises and Infrastructure Investments in East Africa
By Abdul Rahman Bangura–
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– The East Africa Development Bank (EADB) is an influential regional development institution for providing essential advancement purposes across the East Africa region. It celebrates an increased status of obligation from member states Kenya, Uganda, Tanzania, and Rwanda, as well a various shareholder base, that encompasses multilateral and bilateral betterment institutions and international financial institutions.
In this regard, SMEs catalog for more than half of EADB’s portfolio. They influence a vital role in development, driving economic growth and employment opportunities in East Africa and in developing nations typically. The EADB is a resource mobilization activities to meet the rising financing requirements of SMEs.
“We are very pleased to support private sector development in East Africa, which goes to the core of our mandate,” said OPEC Fund Director-General Dr. Abdulhamid Alkhalifa. “We have partnered with EADB since 2001 and we appreciate the opportunity to strengthen our relationship. SMEs are critical to achieving progress toward Sustainable Development Goal (SDG) 8 on decent work and economic growth. Efficient infrastructure, as part of SDG 9, improves access to social services, reduces business and production costs, supports trade, and will ultimately provide East Africa with a more competitive business environment.”
Vivienne Yeda – the Director General of EADB, noted: “We are pleased to receive a line of credit of $20 million from the OPEC Fund dedicated to financing SMEs and infrastructure projects in EADB member countries. We appreciate the confidence placed in the EADB by the OPEC Fund. By financing SMEs, we expect to promote enterprises that generate employment opportunities, social economic development and consequently promote regional integration. The SME sector is a critical pillar for sustainable economic growth as it is the backbone of the EADB member countries’ economies.”
This is the third loan the OPEC Fund has provided to EADB in support of SMEs. In 2001, the organization approved US$10 million, followed by a further US$15 million in 2013.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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