The OPEC Fund for International Development is extending loans to support climate action and agriculture in Colombia and Türkiye. In Colombia, the OPEC Fund is providing a $150 million policy-based loan to co-finance the country's 'Climate Action Policy and Energy Transition Program'. The program aims to foster economic opportunities based on the sustainable use of natural resources, develop circular economy models, and promote the energy transition. The OPEC Fund is partnering with several organizations, including the Inter-American Development Bank and Germany's KFW Development Bank, to co-finance the project [934364d7].
In Türkiye, the OPEC Fund is extending a $50 million loan to support the agricultural and food production sectors. The loan will prioritize 11 cities that were hit by devastating earthquakes in February 2023. The funds will be on-lent to small and medium-sized enterprises by the Development and Investment Bank of Türkiye. The project aims to promote a more resilient and sustainable agriculture sector in the region, which accounts for nearly 15 percent of the country's agricultural GDP. Many businesses in the southeastern provinces of Türkiye have suffered damage to infrastructure, loss of livestock, and disruptions to food supply chains following last year's earthquakes. The loan will help these businesses recover and increase resilience in the food sector to withstand future shocks, including natural disasters and climate change. The project is co-financed with the Islamic Development Bank and the Islamic Trade Finance Corporation [d63375d9].