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OPEC Fund approves emergency Guatemala loan
December 3, 2020. The OPEC Fund for International Development has approved a US$50 million public sector COVID-19-related loan to Guatemala to co-finance the ‘Crecer Sano-Nutrition and Health Project’.
The loan will extend the reach of the project, which aims to mitigate the effects of the pandemic on child malnutrition in Guatemala’s most vulnerable areas. The project is being co-financed with the International Bank for Reconstruction and Development (IBRD) of the World Bank, which will administer the loan.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “This emergency loan demonstrates our proactive approach to meeting partner needs in a quickly changing development landscape. Approving loans via a fast-track process provides immediate and effective help to partner countries as they mitigate, contain and recover from the effects of the pandemic. In recent months, more than half of the US$1 billion package we have allocated to COVID-19-related efforts has been approved via this fast-track process.”
The OPEC Fund has supported the development aspirations of Guatemala since the organization was established in 1976. More than US$168 million in funding has been approved during this time, particularly for operations in the country’s health, agriculture, transportation, water and sanitation, and financial sectors.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) 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 organization was established by the member countries of OPEC in 1976 with a distinct mandate: to drive development, strengthen communities and empower people. The OPEC Fund’s work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. Our vision is a world where sustainable development is a reality for all.