East African Development Bank received $40 million from the OPEC Fund during a ceremony at Vienna headquarters. The money will help small businesses and build roads across East Africa. Officials signed their fourth deal together since starting partnerships 22 years ago. OPEC Fund agreed to find another $25 million from other lenders for bigger projects. Bank leaders called the agreement their largest financing deal ever.
EADB director Benard Mono praised the long friendship between both groups. He said OPEC money helped millions of people across the region during two decades. The cash supports schools, hotels, farms and transportation systems throughout member countries. Previous loans totaled $45 million since 2002 for various development needs. OPEC president Abdulhamid Alkhalifa wants regional banks to create lasting economic growth.
The partnership began with $10 million for education and tourism projects back during 2002. A second $15 million loan targeted housing and hotel businesses during 2014. OPEC gave another $20 million during 2020 for food processing and infrastructure work. Each loan helped more small companies start operations across East African nations. The latest money continues supporting sustainable development throughout the region.
EADB director Benard Mono praised the long friendship between both groups. He said OPEC money helped millions of people across the region during two decades. The cash supports schools, hotels, farms and transportation systems throughout member countries. Previous loans totaled $45 million since 2002 for various development needs. OPEC president Abdulhamid Alkhalifa wants regional banks to create lasting economic growth.
The partnership began with $10 million for education and tourism projects back during 2002. A second $15 million loan targeted housing and hotel businesses during 2014. OPEC gave another $20 million during 2020 for food processing and infrastructure work. Each loan helped more small companies start operations across East African nations. The latest money continues supporting sustainable development throughout the region.
