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OPEC Fund approves over US$600 million in new financing for global development

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VIENNA, Dec. 14, 2023 /PRNewswire/ — The OPEC Fund for International Development (the OPEC Fund) has approved more than US$600 million in new development financing at the meeting of its Governing Board today and in the final quarter of 2023.

The 18 new projects reflect the OPEC Fund’s commitment to advancing sustainable social and economic development in its partner countries. The new funds will support projects in the transportation, health, education and energy sectors, and will promote climate action and food security, and bolster international trade.

OPEC Fund Director-General Abdulhamid Alkhalifa said: “In 2023 we continued to strengthen our impact and increase commitments in support of sustainable social and economic development in our partner countries all across the globe. The new projects approved today will empower communities and improve living conditions for millions of people, while promoting climate resilience, food security, international trade and better health and education services.”

The OPEC Fund Governing Board approved the following projects:

Public sector operations:

China: A US$50 million loan will support the financing of the Jiangxi Vocational Education Project to expand and strengthen vocational education in the Jiangxi province and provide market-oriented education for about 5,000 students every year.

Comoros: A US$17 million loan will co-finance the El-Maarouf Hospital Project, improving the existing hospital infrastructure and extending its capacity by 300 beds to provide modern healthcare services to the island state’s population.

Liberia: A US$20 million loan will support the Mano River Union Road Development and Transport Facilitation Project (Liberia Section). The upgrading of the existing road infrastructure will facilitate trade between Liberia and Sierra Leone by reducing travel times and increasing trade volumes. 

Madagascar: A US$30 million loan will support the co-financing of the Facilitation of Commerce Corridors Project, enabling the interconnection of the Island’s southern region and integrating commercial road and sea networks. This will increase access to remote areas, increase economic activity and improve living conditions.

Malawi: A US$20 million loan will co-finance the Shire Valley Transformation Program, Phase II, providing access to sustainable irrigation services and promoting the commercialization of agricultural production in the south of Malawi to the benefit of nearly 50,000 households and smallholder farmers.

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North Macedonia:  A €50 million loan will co-finance a Sustainability and Resilience Program for the implementation of policy reforms to promote climate action in the energy and financial sectors, strengthen the sustainability of public finances and safeguard the stability of the financial sector.

Paraguay: A US$50 million loan will co-finance the Rehabilitation, Upgrading and Maintenance of National Route PY22 (Concepción Vallemi-San Lazaro) and Access Roads Project. This will improve the connection between the Port of Vallemi and the city of Concepción, promoting regional integration and trade.

Senegal: A €38.03 million loan will co-finance the Cities Modernization Program, which will develop urban roads and improve social and economic infrastructure in the six cities Podor, Richard-Toll, Ourossogni, Mékké, Dahra and Kébémer.

Tajikistan: A US$10 million loan will co-finance the Guliston-Farkhor-Panj-Dusti Road Reconstruction Project (Phase 1) to improve the efficiency and quality of Tajikistan’s road network and to promote the country’s potential for international transit traffic.

Tanzania: A US$41 million loan will co-finance the Upgrading Kagwira-Karema Port Road Project (Kasekese-Karema section). The upgraded transport infrastructure will raise living standards in the Katavi region in the Western part of the country by unlocking economic opportunities in trade, agriculture, fisheries and tourism.

Türkiye: A US$50 million loan to the Development and Investment Bank of Türkiye (TKYB) will co-finance a Food Security and Resilience Project providing immediate financial support to the agriculture and food production sectors, particularly in provinces affected by the February 6, 2023 earthquakes.

Private sector and trade finance operations:

Armenia: A US$20 million loan to a bank in Armenia will support on-lending to micro, small and medium-sized enterprises, including women-owned enterprises and in-country climate projects.

Azerbaijan: A US$50 million loan to ACWA Power Wind Azerbaijan Renewable Energy will support the construction of a 240 MW Khizi-Absheron wind power plant, strengthening electricity supply, diversifying the energy-mix and reducing carbon emissions.

Bangladesh: A US$30 million loan to a local bank will support international trade by providing financing to import and export companies, especially in the agriculture and green energy sectors.

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Nepal: A US$25 million loan to a local bank will increase access to finance for micro, small and medium-sized enterprises, including women-owned firms as well as climate-smart projects.

Uganda: A US$25 million loan to a power company will help construct a 42 MW run-of-river hydroelectric power plant.

Uzbekistan: A US$35 million loan to a local bank will support food security and climate action projects.

Regional Africa: A US$40 million participation in a trade finance facility will promote the international trade of agricultural products and benefit at least 600,000 small-holder farmers in sub-Saharan Africa.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization 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 OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our 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. To date, the OPEC Fund has committed more than US$24 billion to development projects in over 125 countries with an estimated total project cost of US$190 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Outlook Positive by S&P. Our vision is a world where sustainable development is a reality for all.

Contact:  

Basak Pamir
T+43151564174
[email protected] 

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CGTN: China’s booming ice and snow industry fuels its economic growth

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BEIJING, Feb. 7, 2025 /PRNewswire/ — Harbin, capital of northeast China’s Heilongjiang Province, exemplifies the country’s thriving ice and snow economy.

During the eight-day 2025 Spring Festival holiday from January 28 to February 4, the city has seen booming snow tourism. As an ice-themed park known for its dazzling ice sculptures, Harbin Ice-Snow World attracted over 610,000 visits. In particular, more than 100,000 visits were made on February 1, setting a new record for single-day attendance.

The increasing popularity of the park is partly attributed to the city’s upcoming role as the host of the 9th Asian Winter Games, which will be held from February 7 to 14, marking China’s second major winter sports event following the Beijing 2022 Winter Olympics.

Chinese President Xi Jinping will attend the opening ceremony of the 9th Asian Winter Games and host a welcome banquet for foreign leaders in attendance.

Ice and snow economy enters ‘fast lane’

Xi has paid close attention to the development of China’s ice and snow sports and industries, urging efforts to consider ice and snow economy as a new growth point to promote the development of the whole industrial chain involving winter sports and culture, snow-and-ice equipment and tourism.

In recent years, as winter sports and tourism surged in popularity across China, the ice and snow economy has witnessed significant growth.

According to the General Administration of Sport of China, the number of people participating in various ice and snow sports such as skating, skiing, curling and ice hockey nationwide reached 57.35 million in the 2023-2024 snow season. Over 385 million winter leisure visits nationwide were recorded, marking a 38 percent increase from the previous year.

During the last snow season, Harbin alone welcomed over 87 million visitors, marking a 300 percent year-on-year increase and generating 124.8 billion yuan (about $17.4 billion) in tourism revenue – a staggering 500 percent growth.

Meanwhile, the ice and snow consumption is becoming an important growth point to expand domestic demand, transforming the “cold” resources into “hot” engine for economic development.

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According to online shopping and tourism platforms, orders for ice and snow equipment surged, while searches and bookings for ice and snow tours saw rapid growth during the “Double 11” shopping festival last year.

On China’s leading e-commerce platform, Tmall, sales of categories such as down jackets, thermal wear and skiing equipment surged by over 200 percent year on year during the “Double 11” shopping festival.

Broad prospects

To harness its abundant ice and snow resources for economic development, China is intensifying efforts to expand its winter economy, encompassing sports, culture, equipment, and tourism.

According to the guidelines issued by the General Office of the State Council, the country aims to promote its ice and snow economy as a new growth point, with the goal of reaching an economic scale of 1.2 trillion yuan (about $169 billion) by 2027, and 1.5 trillion yuan by 2030.

To achieve these goals, various cities and regions are integrating winter sports and tourism into their development plans.

The Heilongjiang Province is promoting the establishment of a China-Shanghai Cooperation Organization winter sports demonstration zone, expediting the development of ice-and-snow equipment and digital industry parks.

In Beijing, the city has launched an action plan, proposing 24 specific measures in areas such as expanding the ice and snow sports and consumption, and advancing the construction of ice and snow venue facilities.

The vigorous growth of the ice and snow economy has also drawn global attention. A slew of measures, including optimizing the visa-free policy and opening new international flight routes, have attracted a number of foreign tourists to start their “China Travel” and enjoy the winter season in the country.

China’s thriving ice and snow economy has also injected new momentum into the global tourism market, Chinese Foreign Ministry spokesperson Guo Jiakun said on Thursday, extending a warm invitation to friends from around the world to participate in ice and snow events, fostering friendship and cooperation.

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https://news.cgtn.com/news/2025-02-06/China-s-booming-ice-and-snow-industry-fuels-its-economic-growth–1ALQPnOkxO0/p.html 

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SM Investments Recognized for Landmark Capital Market Deal

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PASAY CITY, Philippines, Feb. 7, 2025 /PRNewswire/ — SM Investments Corporation (SM Investments), the parent company of the SM Group, has been awarded the “Philippine Capital Market Deal of the Year” by International Financing Review Asia (IFR Asia) for its successful issuance of a USD500 million five-year bond in 2024. This recognition underscores SM Investments’ leadership in the capital markets and the strong confidence of global investors in the company’s financial strength.

IFR Asia cited SM Investments’ return to the US dollar bond market after a decade-long absence as a significant development for the Philippine corporate sector. The transaction, which was the largest five-year deal by a Philippine corporate in 2024, reopened the market amid volatile conditions and achieved competitive pricing at 35 basis points.

“This landmark transaction represents a major milestone for both SM Investments and the Philippine capital markets. The strong demand from investors reflects confidence in Philippine corporate issuers and underscores SM’s reputation as a stable and well-managed investment option,” said Erwin G. Pato, Executive Vice President for Treasury, Finance, and Planning at SM Investments Corporation.

IFR Asia noted that SM Investments’ bond issuance attracted significant investor interest, given the relative scarcity of corporate issuances from the Philippines in recent years. The transaction also marked SM Investments’ first bond issuance since its USD350 million 10-year note in June 2014.

The deal was arranged by leading global financial institutions, with HSBC, JP Morgan, Standard Chartered, and UBS acting as joint lead managers and joint bookrunners. BDO Capital and Chinabank Capital also participated as joint lead managers.

International Financing Review Asia is a respected source of news and analysis on capital markets and investment banking, reinforcing the credibility of this recognition.

SM Investments’ achievement highlights its commitment to financial excellence and its role in strengthening investor confidence in the Philippine market.

About SM Investments Corporation

SM Investments Corporation is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.

SM’s retail operations are the country’s largest and most diversified, consisting of grocery stores, department stores and specialty retail stores. SM’s property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM’s interests in banking are in BDO Unibank, Inc., the country’s largest bank, and China Banking Corporation, the fourth largest private domestic bank.

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For more information, please visit www.sminvestments.com

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BRI UMKM EXPO(RT) 2025 Officially Concludes, Attracting Over 63,000 Visitors and Securing USD 90.6 Million in Export Contracts

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JAKARTA, Indonesia, Feb. 7, 2025 /PRNewswire/ — PT Bank Rakyat Indonesia (Persero) Tbk. (IDX: BBRI) successfully concluded BRI UMKM EXPO(RT) 2025, reinforcing its commitment to empowering MSMEs and expanding their global market reach. Held from January 30 to February 2, 2025, at ICE BSD City, the event attracted over 63,000 visitors, generated IDR 38.9 billion in transactions, and secured USD 90.6 million in export contracts through business matching. The closing ceremony was led by BRI President Director Sunarso.

A Platform for Global MSME Expansion

With the theme “Broadening MSME’s Global Outreach”, the event showcased 1,000 top Indonesian MSMEs ready for the international market. The closing ceremony was attended by BRI Vice President Director Catur Budi Harto. BRI President Director Sunarso highlighted the expo’s success in raising awareness of local MSME products, exceeding its initial target of 50,000 visitors.

By February 1, 2025, transactions hit IDR 38.9 billion, exceeding expectations. Sunarso reaffirmed BRI’s commitment to MSMEs, with business matching continuing through 2025 in partnership with the Ministry of Trade, holding twice-monthly sessions to boost exports.

This year’s BRI UMKM EXPO(RT) 2025 saw the participation of 506 registered buyers from 34 countries, significantly exceeding the initial target of 94 buyers from 33 countries.

So far, 166 MSMEs have engaged in 270 business meetings, one of the standout success stories is PT Siger Jaya Abadi, which secured a USD 13.05 million export deal with Bluestar Food Corporation, USA.

BRI UMKM Awards: Honoring Top MSMEs

BRI recognized outstanding businesses in three categories:

1. Top Deals on Business Matching

For MSMEs achieving the highest potential transactions in business matching sessions:

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  • Bintang Kita Kemuliaan (Food & Beverage)
  • Albasi Karang Layung (Home Décor & Craft)
  • Gula Aren Temon (Food & Beverage)

2. Newcomers on Business Matching

For first-time exporters who successfully secured international buyers:

  • Rumah Atsiri Indonesia (Healthcare & Wellness)
  • Minyak Sacha Inchi (Food & Beverage)
  • Organic Center (Food & Beverage)

3. Best Expo

For MSMEs demonstrating outstanding export readiness and digital adoption:

  • Sila Agri Inovasi (Food & Beverage)
  • Pelita Lumpang Mas (Food & Beverage)
  • Restu Mande (Food & Beverage)

These awards highlight BRI’s commitment to empowering MSMEs globally while advancing financial literacy and inclusion.

For more details on BRI UMKM EXPO(RT) 2025, visit briumkmexport.com.

For more information about BANK BRI, visit www.bri.co.id.

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