The Organisation of the Petroleum Exporting Countries (OPEC) Fund for International Development agreed to a $30 million loan with Banco Regional of Paraguay.
This fund will be used to lend to small and medium-sized enterprises, with a focus on agribusinesses that have been disrupted by economic slowdowns caused by COVID-19.
Agribusiness is a key economic driver of Paraguay’s economy and food exports are the main source of the country’s foreign currency.
The sector is composed primarily of agro-related SMEs, generating over 80 per cent of employment.
The OPEC Fund has supported Paraguay’s development focused goals for over 40 years and financed projects in sectors including the financial, transportation, energy and agriculture through its public, private and trade finance, and grants operations.
UAE family businesses drive 60% of GDP, key to 2031 Vision
Elon Musk's $1 trillion Tesla pay plan wins shareholder approval
Microsoft to train over 300,000 in UAE with AI skills
Ennismore, Dubai Holding to launch 'Caravan Hatta by Our Habitas'
Emirates Group posts record $3.3 billion half-year profit
