The OPEC Fund for International Development (the OPEC Fund) has signed a $40 million loan as part of a $394 million sustainability-linked loan for ETC Group (ETG), one of Africa’s largest agricultural commodity supply chain managers.
The financing will enhance ETG’s working capital, strengthen food systems and support the livelihoods of more than 600,000 smallholder farmers across sub-Saharan Africa.
This is the OPEC Fund’s first sustainability-linked loan, a financing tool that ties lending terms to meeting environmental, social and governance (ESG) targets. The loan incentivizes ETG to improve farmer livelihoods, reduce environmental impacts and enhance food security.
Abdulhamid Alkhalifa, OPEC Fund President, said, "Our first sustainability-linked loan demonstrates the OPEC Fund’s dedication to fostering sustainable development through innovative financing. Our strong and longstanding partnership with ETG enables us to address food security, strengthen agricultural value chains and improve the livelihoods of smallholder farmers in sub-Saharan Africa. This partnership also reflects our commitment to embedding sustainability at the core of our private sector operations."
UAE industrial exports hit record AED 262 billion
DEWA brings electricity and water services to ChatGPT
US, India unveil interim trade framework, move closer to broad pact
Aldar, Dubai Holding announce next phase of strategic partnership
Dubai regulator fines investment firm AED 1.8 million over compliance issues
