International Press Release Submissions

OPEC Fund loan will expand access to finance for local businesses in Uzbekistan

October 11, 2022: The OPEC Fund for International Development is providing a US$30 million loan to Uzpromstroybank, Uzbekistan’s second largest bank, to support local small- and medium-sized enterprises (SMEs), the key drivers of economic activity and employment in the Central Asian republic. In Uzbekistan 90 percent of all businesses are SMEs, representing 55 percent of GDP and 75 percent of employment. Uzpromstroybank’s strategy aims to boost its lending to that segment from currently 4,600 SMEs to 7,500 businesses in 2023. OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “We are pleased to support SMEs in Uzbekistan and provide local businesses with increased access to finance through our partner Uzpromstroybank. With this loan we are promoting inclusive and sustainable economic development and creating employment opportunities.” Annaklichev Sakhi, Chairman of the Management Board of Uzpromstroybank, added: “The OPEC Fund and Uzpromstroybank have been cooperating since 2020 when we closed our first financing facility in the amount of US$20 million to provide trade finance for SMEs. This new agreement will further expand the capabilities of Uzpromstroybank in providing financial services to small and medium-sized enterprises, which is an important factor in economic growth and the creation of new jobs.” About the OPEC Fund 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. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that …


Source: MyPR International

MSF clinical trial leads to new tuberculosis treatment guidelines

In addition to providing medical assistance to victims of conflict and natural disasters, Doctors Without Borders/Médecins Sans Frontiéres (MSF) is also improving health care access for millions of people around the world. Dilaram—a nurse in Uzbekistan—is one of our patients. After contracting drug resistant tuberculosis (TB), she opted to participate in a MSF clinical trial, TB-Practecal. Dilaram was cured after receiving a new treatment regimen lasting only 6 months. Until recently, the standard treatment for drug resistant TB was a lengthy process that could take up to two years. Following her recovery, she returned to her life as a mother and an operation ward nurse. MSF teams witnessed how difficult and disruptive drug resistant TB treatments were for patients. We started the multi-country clinical treatment to develop better options for patients with TB—made possible by our generous donor community. This year, the World Health Organization (WHO) updated its global guidelines on drug resistant TB treatment based on results from our clinical trial. Learn more about this new treatment regimen and how it will improve the health outcomes for patients with drug resistant TB across the globe. Previous treatments to TB were disruptive to the lives of patients. The process included a regimen of painful injections, up to 20 pills a day, and severe side effects—for up to 2 years. Furthermore, the previous treatment process only gave patients a 60 percent chance of recovery. The new treatment regimens MSF pioneered is helping people like Dilaram cure their TB 18 months faster, and often taking only medication that can be self-administered or with video guidance from their doctor. Best of all, it increases the odds of recovery over the previous method. MSF is dedicated to providing high-quality care no matter what—and sometimes that means testing innovative treatment options ourselves. Learn more about the TB-Practecal trial and the WHO’s updated global …


Source: MyPR International

OPEC Fund approves US$100 million in new global development support

June 22, 2022: Support for transportation and small and medium-sized enterprises (SMEs) are highlights of the latest projects the OPEC Fund for International Development has approved at the 180th session of its Governing Board in Vienna today. The total of US$100 million in new funding will benefit public and private sector projects promoting sustainable development around the world.   Malawi: A US$20 million loan for the SADC Sub Regional Transport and Trade Facilitation Project will support the rehabilitation of 101 kilometers of roadway and 50 kilometers of feeder roads in the central region of the country. Additionally, 16,000 trees will be planted, several schools will be renovated and three roadside markets will be relocated. The project’s overall objective is to enhance competitiveness and socio-economic integration between Malawi and neighbouring Mozambique.   Uganda: A US$30 million loan will finance the upgrade from gravel to a paved surface for a section of approximately 70 kilometers in the country’s central eastern region. The improvement of the national road network will facilitate better access to markets for farmers and traders and boost access to social services in the region. The project will directly benefit more than half a million people.   Cambodia: Micro, small, and medium-sized enterprises (MSMEs), including those that are women-owned and rurally located, stand to profit from a US$20 million loan to the financial sector for on-lending. Improving access to financing is especially important for MSME’s in the recovery period after the COVID-19 pandemic as these businesses are responsible for a significant portion of Cambodia’s GDP.   Uzbekistan: A US$30 million loan to the country’s financial sector will support local small businesses through on-lending. The loan will have significant development impact on national growth thanks to the key role SMEs play as the backbone of Uzbekistan’s economy, accounting …


Source: MyPR International

OPEC Fund supports Uzbekistan’s social and economic reforms agenda

April 20, 2022: The OPEC Fund for International Development has signed a US$100 million loan agreement with the government of Uzbekistan to support a reform program to promote a faster and more equitable transition of the country towards a market economy. The program is developed in cooperation with the World Bank, which has also approved a $400 million loan to support its implementation. OPEC Fund Director-General Dr. Abdulhamid Alkhalifa, who signed the agreement in a virtual ceremony with Deputy Minister of Finance Odilbek Isakov said: “Our partnership with Uzbekistan has flourished in recent years and contributed to the ambitious socio-economic development agenda of the country. We are proud to further support Uzbekistan’s efforts to transition to a competitive and inclusive market economy and hope to deepen our fruitful partnership.” “Accelerating Uzbekistan’s Transition Program” constitutes a number of important legislative initiatives, including the adoption of a new regulatory framework for state-owned companies, a new debt law, and a new labor code. The program also supports the approval of a fully-consolidated state budget for 2022, and the ratification of the United Nations Convention on the Rights of Persons with disabilities. In recent years Uzbekistan has embarked on an extensive reform program focusing on the transition to a market economy with a focus on increasing citizens’ incomes, creating more jobs, providing accountability and transparency as well as promoting social and economic inclusion. In support of Uzbekistan’s sustainable growth agenda and aligned with the country partnership strategy, the OPEC Fund has provided close to US$550 million financing through its public and private sector windows and grants for the development of the water supply & sanitation, agriculture, transport, education, and financial sectors in Uzbekistan. About the OPEC Fund The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated …


Source: MyPR International