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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

OPEC Fund extends $35m loan to support Vietnam SMEs

A small woman-owned business in Vietnam. Credit: OPEC Fund for International Development
  • The money will be used to facilitate access to finance for SMEs and women-owned businesses in Vietnam
  • It will also be used to promote climate funding for a sustainable economic recovery in the country

The OPEC Fund for International Development is providing a $35-million loan to help small businesses in Vietnam, official sources have said.

The amount will reportedly be given to the Vietnam-based Southeast Asia Commercial Joint Stock Bank (SeABank).

The money will then apparently be used to facilitate access to finance for small and medium enterprises (SMEs) and women-owned businesses, and to promote climate funding for a sustainable economic recovery in Vietnam.

The financing is part of the OPEC Fund’s Covid-19 response, and is expected to help bridge the funding gap for SMEs as well as contribute to environmental sustainability.

OPEC Fund Director-General Abdulhamid Alkhalifa was quoted by the official sources as saying, “We are pleased to partner with SeABank and join forces with international lenders to provide financing to support Vietnam’s sustainable economic growth. Increasing access to finance for SMEs, especially women-owned businesses, will help reduce inequalities in line with the Sustainable Development Goals.”

SMEs are said to account for 98 percent of all enterprises and 50 percent of employment in Vietnam.

They are often considered the backbone of the country’s economy.

Women-owned businesses have been disproportionately affected by the Covid-19 pandemic due to reduced access to financial services.

Business interruptions resulting from obligations such as childcare during lockdowns are also to blame.