OFID, DFIs to mobilise billions of dollars in response to Covid-19

VIENNA / WAM

The Opec Fund for International Development (OFID), joined a group of more than 25 development finance institutions (DFIs) scaling up cooperation in response to Covid-19.
The group committed to providing and mobilising billions of dollars of funding to support the private sector in delivering critical healthcare supplies, ensuring micro, small, and medium-sized businesses (SMBs) can access capital, and strengthening global supply chains to sustain millions of workers in developing nations.
The group will scale-up long-term capital to support the most affected sectors in developing countries including transportation, tourism, food and logistics, while remaining focused on
gender and climate goals.
A joint statement sets out how the DFIs have “an important role to play by responding quickly and flexibly to support the private sector in developing countries through the crisis”. It explains how the group is committed to a collaborative course of action in response to the crisis that will leverage their different strengths and geographies.
Opec Fund Director-General Dr. Abdulhamid Alkhalifa said, “The Opec Fund is rising to challenge, along with its development partners, to scale-up development
cooperation in response to Covid-19. This is a clear demonstration of Sustainable Development Goal 17 in action, which calls for ‘partnerships for the global goals’.”