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The OPEC Fund for International Development (OPEC Fund) approves close to US$1 billion in new development financing

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These projects will benefit countries across the globe and aim to bolster infrastructure, food security, renewable energy, economic resilience and governance in partner countries

VIENNA, Austria, December 10, 2024/APO Group/ — 

The OPEC Fund for International Development (OPEC Fund) (www.OPECFund.org) has approved close to US$1 billion in new development financing over the last quarter of 2024, including during its 190th Governing Board meeting in Vienna today. These projects will benefit countries across the globe and aim to bolster infrastructure, food security, renewable energy, economic resilience and governance in partner countries.

OPEC Fund President Abdulhamid Alkhalifa said: “2024 has been a landmark year for the OPEC Fund, marked by a significant increase in project approvals and commitments across key sectors, helping to build resilience, develop sustainable infrastructure and address climate change. Our latest round of financing reflects the OPEC Fund’s ongoing dedication to delivering impactful solutions that drive meaningful change for millions of people. We remain focused on working with partners worldwide to tackle today’s challenges and build a better tomorrow.”

The OPEC Fund most recently approved projects since September 2024 (in alphabetical order):

Public Sector Operations:

Bangladesh: A €96.1 million loan will co-finance the Strengthening Economic Management and Governance Program with the Asian Development Bank (ADB). This initiative supports the government’s reform agenda to strengthen private sector development, trade logistics and governance. It aims to improve domestic resource mobilization, enhance public sector transparency and promote the diversification of exports.

Burkina Faso: A US$30 million loan will support the Human Capital Protection Project, which aims to provide 17 million free healthcare consultations, immunize one million children under age five and improve education for 91,000 teachers and 748,000 students. The initiative is co-financed with the World Bank.

Chad: A US$16 million loan will promote the Rice Farming Development Project in Chari-Logone, co-financed with BADEA. The project will benefit 2,000 households, with half the beneficiaries being women and youth, by enhancing agricultural productivity, rural infrastructure and agribusiness practices in selected provinces.

Comoros: A US$17.5 million loan will support the First Fiscal Management and Resilient Growth Development Policy. This program aims to improve debt management, enhance disaster resilience and strengthen the country’s economic stability and governance frameworks.

El Salvador: A US$30 million loan will co-finance the Rural Adelante 2.0 Program in partnership with the International Fund for Agricultural Development (IFAD). The program will support 74,000 smallholder farmers and rural families by improving agricultural practices, market access and climate resilience, ultimately boosting incomes and food security.

The Gambia: A US$20 million loan will fund the Rural Infrastructure Development Project (Phase 2), which will improve access to agricultural markets through enhanced rural infrastructure. The project will benefit local farmers and communities with interventions in agriculture value chains and improved connectivity to markets.

Honduras: A US$50 million loan will support the Women’s Empowerment and Social Inclusion Program promoting gender equality and empowering marginalized groups, including indigenous and Afro-descendant populations.

Kenya: A €60 million loan will co-finance the Economic Inclusion and Green Recovery Support Program with the African Development Bank. This initiative aims to create more inclusive and competitive markets, improve governance frameworks and promote green economic recovery.

Malawi: A US$20 million loan will co-finance the Mangochi–Mwanjati–Makanjira Road Project (Phase I). This project will benefit some 300,000 people by enhancing regional connectivity, reducing travel times and supporting economic development.

Mauritania: A US$40 million loan will help fund the Mauritania-Mali Power Interconnection and Related Solar Power Plants Development Project, alongside multiple development partners. The project will connect 80,000 households to electricity, promote renewable energy and reduce greenhouse gas emissions.

Our latest round of financing reflects the OPEC Fund’s ongoing dedication to delivering impactful solutions that drive meaningful change for millions of people

Montenegro: A €50 million loan, the OPEC Fund’s first engagement in the South-East European country, will support the Resilient Fiscal and Sustainable Development Program. The project focuses on improving fiscal sustainability, energy efficiency and waste management, while reducing greenhouse gas emissions.

Senegal: A US$60 million loan will fund the Senegal Food Sovereignty Strategy Support Project to enhance agricultural productivity, climate resilience and market access for 220,000 households with a focus on women and youth.

Sierra Leone: A US$30 million loan and a $2 million grant will support the Livestock and Livelihoods Development Program. This initiative will enhance livestock productivity, establish small and medium-sized enterprises and improve nutrition and income for rural communities. It is expected to create some 20,000 new jobs along the agricultural value chain and contribute to sustainable agricultural development.

Sri Lanka: A US$50 million loan will co-finance the Second Resilience, Stability, and Economic Turnaround Development Policy Operation to restore macroeconomic stability, improve fiscal governance and protect vulnerable populations.

Türkiye: A €50 million loan to the Climate Finance Facility Project will support investments in renewable energy, energy efficiency and climate adaptation. The project will be implemented by the Turkish Industrial and Development Bank (TSKB) and aligns with Türkiye’s net-zero target for 2053.

Uzbekistan: A €70 million loan will support the Second Inclusive and Resilient Market Economy Development Program. This initiative focuses on improving fiscal risk management, enhancing social inclusion and fostering private financing for climate action.

Private Sector Operations:

Côte d’Ivoire: A €35 million loan to a local bank will support on-lending to small and medium-sized enterprises (SMEs), addressing a financing gap for local companies. The loan will improve SMEs’ access to finance, fostering economic growth and job creation. Small enterprises represent nearly all businesses in Côte d’Ivoire.

Côte d’Ivoire: A €50 million participation in a trade finance facility will support the procurement and export of traceable cocoa, benefiting one million producers and five million people reliant on the cocoa sector.

Dominican Republic: A US$10 million loan to a local bank will support on-lending to micro, small, and medium enterprises (MSMEs) and women-led businesses, fostering economic growth and financial inclusion.

Egypt: A US$40 million loan will support the construction of two wind farms with a total capacity of 1.1 GW in the Gulf of Suez. This renewable energy project will provide clean energy to over 1.3 million households and contribute to Egypt’s goal of sourcing over 40 percent of electricity from renewables by 2035.

Ghana: A US$20 million participation in a secured trade finance facility will support the purchase, storage, and processing of cocoa beans. The facility will help expand access to premium cocoa in global markets.

Paraguay: A US$40 million syndicated loan to a local bank will support the growth of the bank’s SME loan portfolio and financing for agricultural projects, including women-led SMEs and green energy initiatives.

Uzbekistan: A US$30 million loan to Joint Stock Innovation Commercial Bank “Ipak Yuli” will expand lending to MSMEs, including women-owned businesses, fostering economic growth and job creation.

Technical Assistance Grant:

Regional (Asia and the Pacific): A US$1.5 million technical assistance grant will support the implementation of the Nature Solutions Finance Hub in partnership with the Asian Development Bank (ADB). The initiative aims to scale up investments in nature-based solutions to address biodiversity loss and climate change, targeting US$5 billion in financing flows by 2030.

Distributed by APO Group on behalf of OPEC Fund.

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Africa Launches the First Pan-African Pact for Insurance Inclusion

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June 23, 2026

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400 decision-makers gathered in Cotonou to accelerate access to insurance and contribute to doubling insurance penetration by 2040

DAKAR, Senegal, June 23, 2026/APO Group/ –Faced with a major paradox representing nearly 19% of the world’s population while accounting for less than 1% of global insurance premiums African insurance stakeholders are mobilizing.

 

From July 6 to 8, 2026, the Federation of African National Insurance Companies (FANAF) will organize the General Assembly on Insurance for All at the Sofitel Hotel in Cotonou, Benin, a major pan-African gathering dedicated to inclusive insurance.

The event will bring together nearly 400 African decision-makers from governments, regulatory and supervisory authorities, insurance and reinsurance companies, financial institutions, development banks, technical and financial partners, as well as professional organizations from across the continent.

The ambition is clear: to foster a shared vision and concrete commitments aimed at accelerating access to insurance for African populations while strengthening the sector’s contribution to the continent’s economic and social development priorities.

The discussions will culminate in the adoption of the Pan-African Pact for Insurance Inclusion and a 2026–2030 Strategic Action Plan, designed to structure collective action around an ambitious objective: contributing to the doubling of insurance penetration across the FANAF region by 2040.

An Economic, Social and Development Imperative

Within the CIMA zone, insurance penetration remains below 1% of GDP, compared to more than 6% globally.

As a result, millions of households, farmers, entrepreneurs, SMEs and informal sector actors remain deprived of essential protection mechanisms against health, climate, economic and social risks.

For FANAF, this reality now constitutes a major development challenge.

Africa cannot build sustainable growth without strengthening protection mechanisms for its populations, businesses and investments

“Africa cannot build sustainable growth without strengthening protection mechanisms for its populations, businesses and investments. The Cotonou General Assembly must mark the starting point of a new continental ambition for African insurance and its role in the continent’s economic transformation,” said Mamadou Koné, President of FANAF.

Beyond Insurance: A Driver of Continental Transformation

For FANAF, insurance is no longer merely a risk coverage mechanism. It is also a strategic lever for economic resilience, savings mobilization, investment security, SME financing, support for climate transitions and the strengthening of financial inclusion.

Through this General Assembly, FANAF seeks to reposition insurance as a key stakeholder in Africa’s economic, social and financial transformation.

A Pact to Accelerate Action

The conclusions of the General Assembly will lead to the adoption of the Pan-African Pact for Insurance Inclusion, a reference framework intended to mobilize governments, regulators, market players, financial institutions and development partners around shared objectives.

The Pact will be accompanied by a 2026–2030 Strategic Action Plan defining priority intervention areas, coordination mechanisms and monitoring arrangements for the commitments undertaken.

A broad mobilization of public, private and financial partners will support its implementation in order to translate commitments into tangible results for African populations and economies.

Cotonou 2026: Building a Shared Vision

Beyond the insurance sector, the General Assembly aims to create an unprecedented platform for dialogue between governments, regulators, investors, financial institutions, technical partners and market actors in order to identify the levers needed to accelerate insurance inclusion across the continent.

Holding this event in Benin reflects the country’s broader economic and financial transformation momentum and illustrates the collective determination of African stakeholders to develop solutions tailored to the continent’s realities.

Through this initiative, FANAF intends to make Cotonou 2026 a defining moment for the future of African insurance and the starting point of a lasting continental mobilization in favor of insurance inclusion.

Distributed by APO Group on behalf of Fédération des Sociétés d’Assurances de Droit National Africaines (FANAF).

 

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Flat6Labs and International Finance Corporation (IFC) Launch StartAlgeria, a Capacity-Building Program Designed to Empower the Organizations Progressing Algeria’s Startup Ecosystem

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June 23, 2026

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StartAlgeria comes at a key moment for Algeria’s entrepreneurship landscape, shifting the focus toward improving how the ESOs operate by providing them with international best practices

ALGIERS, Algeria, June 23, 2026/APO Group/ –Flat6Labs (www.Flat6Labs.com) and IFC in collaboration with the Ministry of Knowledge Economy, Startups and Micro-Enterprises are launching StartAlgeria, a capacity-building program that puts Entrepreneur Support Organizations (ESOs) at the forefront of Algeria’s ecosystem future. The program is designed to equip Algerian ESOs reinforcing pre-seed and seed-stage startups with the expertise, frameworks, and networks needed to contribute to a stronger, more competitive entrepreneurship ecosystem in Algeria and expand into global markets.

 

StartAlgeria comes at a key moment for Algeria’s entrepreneurship landscape, shifting the focus toward improving how the ESOs operate by providing them with international best practices adapted to each organization’s needs, a community-driven approach that focuses on peer learning, and facilitating connections with investors, policymakers, and key stakeholders.

Algeria’s entrepreneurial community is among the most dynamic and vibrant in the region, and the potential is not just real, it is ready to scale

StartAlgeria will pilot a first cohort focusing on incubators in the capital, Algiers. Following a call for application, the selected ESOs will go through a structured program comprising workshops and masterclasses covering key areas such as startup selection, program design and delivery, and investment readiness. In addition to the core program, participating ESOs will benefit from 6months of post-program mentorship, focusing on areas such as fundraising strategy, partnership development, financial sustainability, and program improvement. This sustained engagement’s goal is to provide a lasting impact in how Algerian ESOs operate and what they’re able to offer the startups they champion.

Yehia Houry, CEO of Flat6Labs, shares “Algeria’s startup ecosystem is demonstrating remarkable potential and a rapidly growing level of maturity, driven by an ambitious new generation of founders, increasing institutional support, and a strong national commitment to innovation and entrepreneurship. The opportunity today lies in further empowering entrepreneurship support organizations to match this momentum by strengthening their ability to identify and nurture high-potential startups, deliver impactful and results-driven programs, and create stronger connections between entrepreneurs and sources of capital. With the right support structures in place, Algeria is well positioned to become one of the leading innovation hubs in the region.”

“Algeria’s entrepreneurial community is among the most dynamic and vibrant in the region, and the potential is not just real, it is ready to scale. Through StartAlgeria, we are committed to ensuring that the organizations standing behind founders are equipped with the tools, frameworks, and expertise to take them from early ideas to investment-ready ventures. This program is a direct expression of IFC’s long-term confidence in Algeria’s private sector and in the ecosystem’s capacity to produce the next generation of high-impact companies.” underscored Cemile Hacibeyoglu Ceren, WBG Resident Representative in Algeria.

“The launch of StartAlgeria marks an important step in reinforcing Algeria’s startup support ecosystem. By strengthening the capabilities of Entrepreneur Support Organizations, we are investing in the long-term growth, resilience, and international competitiveness of Algerian startups. This initiative reflects our shared ambition to build a dynamic innovation-driven economy and create new opportunities for entrepreneurs across the country,” said H.E Mr. Noureddine Ouadah, Minister of Knowledge Economy, Startups and Micro-Enterprises.

This IFC program is implemented in partnership with the Government of the Netherlands.

Distributed by APO Group on behalf of Flat6Labs.

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Hong Kong unlocks new opportunities with Central Asia

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June 23, 2026

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HONG KONG SAR – Media OutReach Newswire – 23 June 2026 – Led by Chief Executive of the Hong Kong Special Administrative Region (HKSAR), John Lee, a high-level delegation visit to Kazakhstan and Uzbekistan (May 31 – June 5) is already paying dividends, forging fresh opportunities to deepen ties between Central Asia, Hong Kong and the Chinese Mainland.

The business delegation comprised over 70 representatives from Hong Kong and Mainland enterprises of various sectors.

During the visit, 96 bilateral memoranda of understanding and agreements were reached, including a total of 15 co-operation documents at the government level between Kazakhstan and Uzbekistan respectively.

“The examples of agreements and co-operation are just so abundant that they range from the service sector to heavy industries such as mining and infrastructure development,” Mr Lee said. “I think the sky is the limit.”

The multiple outcomes achieved during the trip demonstrate Hong Kong’s role as a functional platform for the Belt and Road (B&R) Initiative, as the city actively plays its roles as a “super connector” and “super value-adder” to promote broader and deeper co-operation between the two places and establish a hub-to-hub co-operation model.

“Kazakhstan is an important commercial and logistics hub connecting China and Europe. It is also the place where the Belt and Road Initiative was first proposed, and is Hong Kong’s largest trading partner in Central Asia. There are broad prospects for further co-operation,” Mr Lee said, adding that a lot of B&R projects are also being pursued in Uzbekistan.

“For example, Uzbekistan sits in the heart of the corridor of Asia and Europe, so logistical development, railway development, and also how we can complement and supplement each other in cargo handling will be an area for a very wide range of co-operation.”

The Chief Executive also encouraged companies in Central Asia to leverage Hong Kong’s advantages under the “one country, two systems” principle.

“Under this unique principle, Hong Kong has its own economic, social, legal, legislative and judicial systems. We are the only common law jurisdiction in China. We have our own currency, with no capital or foreign exchange controls. We are, as well, a separate customs territory,” Mr Lee said.

Building on the positive outcomes from the delegation’s mission to Central Asia, Mr Lee welcomed the Deputy Prime Minister of Kazakhstan, Kanat Bozumbayev, to Hong Kong (June 10) and they both attended the Alatau City Investment Round Table (June 11).

Speaking at the event, Mr Lee said Hong Kong could contribute to the future success of Kazakhstan’s innovative, high-tech Alatau City in three concrete ways: as a gateway to global capital; a gateway to the Chinese Mainland and the Greater Bay Area; and as a partner in talent and technology.

“We share a development vision with Alatau City and Kazakhstan,” Mr Lee said, “Today, right here, right now, is a golden opportunity to bring our two economies closer together.”

He looked forward to Hong Kong and Kazakhstan achieving complementary advantages and co-ordinated development across different sectors and welcomed enterprises in Kazakhstan to make good use of Hong Kong’s premier financial and innovation and technology platforms, as well as its world-leading professional services, to explore more business opportunities.

 

 

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