The global oil cartel, OPEC, has approved the allocation of $1 billion to support developing countries in their fight against novel covid-19 disease, reports say.
The aid to release by the organization’s Fund for International Development (OFID) will be deployed in the form of Opec Fund public, private and trade finance loans and aims at o fund Covid-19 impact and recovery efforts in developing countries.
“We recognize that many of our partners are refocusing efforts and resources to contain and mitigate the impact of Covid-19. We are committed to supporting them to do precisely this and the Board has endorsed a robust fast-track approval process as part of our emergency response initiative,” said the Fund Director-General Dr Abdulhamid Alkhalifa.
The pledge comes on the heel of March commitment by the OFID to allocate a package of $200 million to support international efforts to combat the Covid-19 outbreak. $500,000 from the aid will be granted to Iran hard-hit by novel disease.
Egypt, the Maldives, Mali, Nicaragua and Tanzania also received pledges for a combined support worth more than $390m in form of new funding for the public sector.
Created in 1976 by 13 countries, OFID’s mission is to provide aid to developing countries.
Opec signs check worth $1bn to help fight covid-19 developing countries
