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- The OPEC Fund and the Eastern and Southern African Trade and Development Bank sign agreement to deepen partnership for private sector development
The OPEC Fund and the Eastern and Southern African Trade and Development Bank sign agreement to deepen partnership for private sector development
OPEC Fund Director-General Dr Abdulhamid Alkhalifa (second from right) signs the cooperation agreement with TDB President and Chief Executive Admassu Tadesse.
Vienna, Austria, December 6, 2019. The OPEC Fund for International Development (the OPEC Fund) and the Eastern and Southern African Trade and Development Bank (TDB) have signed a cooperation agreement. The agreement will support the organizations as they work together to promote the socioeconomic development of the private sector in their beneficiary countries.
The agreement was signed by the OPEC Fund Director-General Dr Abdulhamid Alkhalifa and TDB President and Chief Executive Admassu Tadesse at the OPEC Fund's headquarters in Vienna. It will advance the growing strategic partnership into co-financing, with more information sharing and joint transactions, so that the development impact of the two organizations is maximized.
Dr Alkhalifa said: "We have built a strong partnership with TDB, elevated to a strategic level in 2018 when we became a shareholder after several years of cooperation, to the benefit of our overlapping beneficiary countries. We are pleased to deepen our cooperation in the form of this agreement. The continent of Africa remains a central part of the OPEC Fund's development focus, with more than US$709 million in new operations approved in 2018 alone via our public, private, trade finance and grant financing windows."
Tadesse said: "We value our growing relationship with the OPEC Fund -one that was taken to new heights last year when it became one of our institutional shareholders. We are thus delighted to advance our partnership yet again. Via this agreement, we look forward to jointly promoting the financing of private sector projects and transactions to advance sustainable development in the region. In line with TDB's triple bottom-line mandate, more than half of the Bank's portfolio directly and indirectly contributes to the Sustainable Development Goals."
In 2018, the OPEC Fund signed a loan agreement of US$60 million with TDB to support international trade in the banks countries of operation. Also in 2018, the OPEC Fund invested US$20 million in the Bank's capital stock providing a platform for the bank to enhance its financing of trade and infrastructure in its beneficiary countries. More generally, a partnership of 10 years has seen the OPEC Fund approve financing to TDB of some US$150 million for the benefit of countries in Eastern and Southern Africa.
About the OPEC Fund
The OPEC Fund is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to developing countries. The OPEC Fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services and promote productivity, competitiveness and trade. The OPEC Fund's work is people-centered, focusing on projects that meet basic needs - such as food, energy, clean water and sanitation, healthcare and education. The OPEC Fund aims to encourage self-reliance and inspire hope for the future.
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is a multilateral, treaty-based, investment-grade development financial institution, with assets of US$6bn. The Bank's mandate is to finance and foster trade, regional economic integration and sustainable development through trade finance, project and infrastructure finance, asset management and advisory services. www.tdbgroup.org