The OPEC Fund for International Development (OFID) has agreed to grant a loan of 20 million dollars to the East African Development Bank to support small and medium-sized companies and infrastructure projects in East Africa.
In a statement issued by the fund’s headquarters in the Austrian capital Vienna, the Director General of OFID, Dr. Abdul Hamid Al-Khalifah, indicated that small and medium-sized companies are an important element in achieving the eighth sustainable development goal of providing decent work and economic growth.
Al-Khalifa noted that effective infrastructure contributes as part of the ninth goal to improving access to services, reducing production costs, supporting trade, and providing a more competitive business environment in East Africa. It is reported that OFID provided two loans to the East African Development Bank to support small and medium enterprises, the first in 2001 with a value of 10 million dollars, and the second with 15 million dollars in 2013.
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