- The OPEC Fund loan will promote green energy solutions to support cheaper, cleaner and reliable sources of electricity generation.
- The deal aims to facilitate sub-loans in the West African Monetary Union member countries.
The OPEC Fund for International Development has signed a €50 million loan agreement with the West African Development Bank (BOAD), targeting support for small and medium-sized enterprises (SMEs) and green energy projects across the West African Monetary Union (WAMU) member countries. The deal aims to facilitate sub-loans in the member countries of WAMU, including Benin, Burkina Faso, Côte d’Ivoire, Guinea- Bissau, Mali, Niger, Senegal, and Togo.
OPEC Fund Director-General Abdulhamid Alkhalifa said, “We are pleased to further expand our cooperation with BOAD in line with two strategic priorities of our institutions: providing access to finance for local businesses and promoting green energy solutions to support cheaper, cleaner and reliable sources of electricity generation. We are committed to contributing to growth and sustainable development in the WAMU member countries.”