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Opec Fund launches $100 million trade finance facility in Africa

Opec Fund

Its trade finance facility aims to encourage import and export of strategic commodities and capital goods in Africa

The Opec Fund for International Development, also known as the Opec Fund, has uplifted its trade finance programme from $50 to $100 million, media reports said. Opec Fund’s $100 million programme will reinforce support for trade and development in Africa.

OPEC Fund Director-General Dr Abdulhamid Alkhalifa, told the media, “We are pleased to expand our partnership with Natixis. Both our organisations have ambitious development aspirations and recognize the importance of trade to socio-economic progress. This transaction supports Sustainable Development Goal (SDG) 8 on decent work and economic growth and will improve the livelihoods of many business owners, employees and their families across the African continent.”

It is reported that Opec Fund’s trade finance facility aims to encourage import and export of strategic commodities and capital goods. Under this facility, nearly  $4.2 billion has been approved since 2016, media reports said. 

Anne-Cécile Delas, Natixis’ Global Head of Trade and Treasury Solutions said: “Natixis is proud to enhance its collaboration with the OPEC Fund and to support the growth of trade in emerging countries by means of this partnership. We believe in the economic potential of the emerging markets, which we support for a sustainable improvement of social and economic development.”

Natixis is a French corporate and investment bank established in 2006. 

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