The OPEC Fund for International Development has given the go signal for $241.3 million in loans to 25 countries in accordance with its Heavily Indebted Poor Countries Initiative (HIPC). At least $184 million of the approved loans have already been released to countries which are currently struggling under massive debt burdens. The HIPC was first pushed forward by the International Monetary Fund to reduce the external debt and debt service burdens of impoverished nations. Some of the fund’s beneficiary countries include Burundi, which received $5 million, the Republic of Congo, which got $7 million, and Nicaragua, which took in $10 million.
Source: OPEC Fund approved $241M loans under HIPC (Business Day)