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OPEC Fund approves close to US$1.2 billion new development funding
VIENNA, Sept. 12, 2024 /PRNewswire/ — The OPEC Fund for International Development (the OPEC Fund) is significantly stepping up its development support with nearly US$1.2 billion in new funding since June. The latest projects approved by the Governing Board, which met for its 189th session today, support smallholder farmers and businesses, promote the construction of resilient infrastructure, provide clean water & sanitation solutions and increase climate resilience. Partner countries’ reform programs will benefit from dedicated OPEC Fund loans.
OPEC Fund President Abdulhamid Alkhalifa said: “The OPEC Fund is ramping up its efforts with significant new financing approvals which underscore our commitment to transformative development. These investments in our partner countries will boost infrastructure and build resilience, delivering tangible benefits for the people and communities we serve.”
The OPEC Fund’s Governing Board approved the following new projects in today’s meeting and since its last meeting in June 2024.
Public Sector Operations (in alphabetical order):
Armenia: A US$50 million policy-based loan will fund a joint World Bank program to support government efforts to foster climate change mitigation and adaptation, improve environmental management and energy efficiency, promote human capital development and strengthen governance.
Benin: A US$26 million loan will support the scaling up of investments in agriculture to enhance food security through the Horticulture Development Support Project in partnership with the International Fund for Agricultural Development. The project will reach 16,000 households and benefit nearly 100,000 smallholder horticulture farmers and family members, nearly half of whom are women and young people.
Colombia: A US$150 million policy-based loan will finance and help the implementation of the government’s Decentralization and Biodiversity Support Program. It is promoting territorial development by strengthening institutions, improving environmental governance and enhancing biodiversity protection. The program is expected to benefit nearly 16.5 million people.
Côte d’Ivoire: A US$60 million policy-based loan for the Economic Transformation and Inclusive Governance Program (PATEGI) – Phase I will promote inclusiveness and governance in public finance management; improve competitiveness and boost the green transition in the transport and energy sectors. The program is being co-financed with the African Development Bank.
Democratic Republic of Congo: A US$30 million loan will improve access to potable water through the development of infrastructure in the Ubangi River basin, specifically in the North Ubangi province in Gbadolité and the rural areas of Mobayi-Mbongo, where access to drinking water is significantly lower (8 percent) than the national average (18 percent).
Honduras: A US$15 million loan will enhance food security by promoting resilient and sustainable agriculture in north-central Honduras. The project will benefit around 140,000 people, prioritizing women and youth.
Jordan: A US$100 million policy-based loan will support a joint World Bank program targeting human capital, which aims to improve the governance and effectiveness of education, health and social assistance. It will also promote climate resilience including safeguarding households from the adverse effects of rising temperatures.
Oman: A loan facility of up to US$392 million financing, consisting of two tranches (US$180 million and US$212 million), will support the Dibba-Lima-Khasab road project, a strategic investment covering a total length of 72km. The road will reduce travel times, improve traffic safety and boost tourism.
Tajikistan: A loan facility of up to US$100 million consisting of four tranches (US$25 million each) will support the Rogun Hydropower Plant Project, currently under construction on the Vakhsh River. The power plant will have an installed capacity of 3,780 MW, promoting energy security in the country and providing clean energy for the entire Central Asia region.
Private Sector and Trade Finance Operations (in alphabetical order):
Armenia: A US$10 million loan to a local bank will support on-lending to small and medium-sized enterprises (SMEs) and provide funds for green projects
Botswana: A US$40 million loan to a local development organization will promote economic diversification beyond the diamond industry and support non-mining sectors such as agribusiness, health, education, ICT, finance and energy.
Dominican Republic: A US$17.5 million loan to a local bank will promote on-lending to SMEs, including women-led businesses.
Regional Africa: A US$40 million loan to a regional development bank will support socio- economic development across four countries.
The OPEC Fund also approved four trade finance facilities in Mauritania (US$50 million), Senegal (US$47 million), Egypt (US$35 million) and Pakistan (US$25 million) to support the import of strategic commodities for development.
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 about US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.
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BEIJING, Nov. 15, 2024 /PRNewswire/ — On November 14, 2024, ThunderSoft (Stock Code: 300496), a world leading OS and intelligent device products and technology provider, and HERE Technologies, the leading location data and technology platform, announced a strategic partnership to enhance collaboration in intelligent navigation and high-definition maps. The collaboration aims to support the efficient development of navigation systems, contributing to a more connected and intelligent mobility ecosystem.
The agreement will see both companies maximize their technical strengths and platform resources for comprehensive, multifaceted cooperation. ThunderSoft’s Aqua Drive OS will integrate HERE location data and services, including HERE SDK, HD Map and autonomous driving solutions. These AI-powered elements, create a foundation for developers worldwide to build intelligent system platforms. Additionally, the partnership will deliver tailored intelligent navigation solutions for international markets, addressing the diverse requirements of automotive manufacturers and consumers.
The companies will also collaborate to develop immersive and interactive 3D high-definition mapping solutions by combining HERE’s map data with ThunderSoft’s Kanzi Map engine, establishing a new benchmark in intelligent driving and navigation.
Deon Newman, Senior Vice President and General Manager of HERE Technologies said, “This strategic partnership with ThunderSoft represents a transformative step in delivering on the potential of AI and software-defined vehicles. By uniting our best-in-class location technology with ThunderSoft’s advanced system capabilities, we will together deliver greater insight and intelligence to every journey, empowering our clients to create richer, more personalized experiences for their customers worldwide.”
Hengshang Chang, Executive President and President of SmartVehicle Business Group of ThunderSoft, highlighted the strategic importance of the collaboration, “Our collaboration with HERE holds immense significance. By integrating HERE’s map data and location platform capabilities with ThunderSoft’s pioneering vehicle OS technology, we aim to develop more competitive, globally-oriented intelligent navigation systems for the automotive industry, enabling automakers to achieve accelerated growth.”
About HERE Technologies
HERE has been a pioneer in mapping and location technology for almost 40 years. Today, HERE’s location platform is recognized as the most complete in the industry, powering location-based products, services and custom maps for organizations and enterprises across the globe. Find out how HERE is moving the world forward at here.com.
About ThunderSoft
ThunderSoft, a well-known intelligent operating system products and technologies provider, has been continuously accumulating and innovating in the operating system field, with its business expanding gradually from smart phone to smart vehicle, AIOT and smart industries. Website: https://en.thundersoft.com
View original content:https://www.prnewswire.co.uk/news-releases/thundersoft-partners-with-here-technologies-to-enhance-intelligent-navigation-solutions-302307004.html
Plug and Play, a global accelerator platform and one of the most active early-stage investors globally, has announced a strategic partnership with Gujarat International Finance Tec-City (GIFT City). Through the partnership, Plug and Play will establish and run the International Fintech Innovation Hub (IFIH), GIFT City’s FinTech Incubator and Accelerator, which aims to foster research and innovation in financial technology, reinforcing GIFT City’s role as a premier global fintech hub.
GIFT City’s MD and Group CEO, Mr. Tapan Ray, said, “Our vision at GIFT City is to drive fintech innovation by creating a climate-resilient, inclusive ecosystem that empowers diverse entrepreneurs and builds workforce competitiveness in emerging technologies. With the support of prominent partners in fintech education and incubation, we are committed to nurturing a new generation of talent that will be well-equipped to meet the needs of an evolving global economy.”
Manav Narang, Head of Financial Services for Plug and Play APAC and Program Lead for the GIFT Incubator and Accelerator added, “We are thrilled to bring Plug and Play’s global expertise to GIFT City. Our vision is to create India’s largest industry-wide fintech program – a collaborative platform where banks, payments corporations, venture capital and corporate venture capital firms, accelerators, and ecosystem partners unite. Together, we aim to catalyze transformative fintech solutions and nurture fintech unicorns that will shape the future of finance in India.”
The program will support fintech startups with resources, mentorship, capital, and networking to navigate and excel globally in the dynamic fintech landscape. The first batch of startups will be unveiled in January 2025.
The post Plug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator appeared first on .
Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.
As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.
With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.
Supervision by International Regulatory Institutions to Ensure Top-Tier Safety
As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.
Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.
Dedication to Shape the Industry with Innovative Solutions
Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.
This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.
Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.
Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!
E-mail: [email protected]
The post Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets appeared first on .
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