The OFID (OPEC Fund for International Development) has approved a $20 million term loan, through the East African Development Bank (EADB), to support small and medium-sized enterprises (SMEs) in East Africa.
The EADB’s member states include Kenya, Tanzania, Rwanda and Uganda, and multilateral and bilateral development institutions and international financial institutions.
SMEs are critical to achieving progress toward SDG (Sustainable Development Goal) 8 on decent work and economic growth. Efficient infrastructure, as part of SDG 9, improves access to social services, reduces business and production costs, supports trade, and will ultimately provide East Africa with a more competitive business environment.OPEC Fund Director-General Dr Abdulhamid Alkhalifa
The $20 million is the third loan the EADB has received from the OPEC Fund in support of SMEs. In 2001, the organization approved $10 million, and another $15 million in 2013.