Austria-based intergovernmental development finance institution, OPEC Fund for International Development (OFID) has sanctioned a $50 million public sector COVID-19-related loan to Guatemala in Central America, to co-finance the ‘Crecer Sano-Nutrition and Health Project’.
The fund said in a statement that the loan will extend the scope of a project aimed at mitigating the impact of the pandemic on child malnutrition in the most vulnerable areas of Guatemala. This project is also supported by the International Bank for Reconstruction and Development (IBRD) of the World Bank.
“This emergency loan demonstrates our proactive approach to meeting partner needs in a quickly changing development landscape. Approving loans via a fast-track process provides immediate and effective help to partner countries as they mitigate, contain, and recover from the effects of the pandemic. In recent months, more than half of the $1 billion packages we have allocated to COVID-19-related efforts have been approved via this fast-track process.”
The OPEC Fund has backed Guatemala’s development aspirations since the organization was founded in 1976. During this time, more than $168 amount was approved, particularly for operations in the health, agriculture, transportation, water and sanitation, and financial sectors of the country.
The OPEC Fund for International Development operates in partnership with developing nation partners and the international development community to promote economic development and social change in low- and middle-income countries around the globe. The organization was established by the member countries of OPEC to support development, strengthen communities, and empower people.