The OPEC Fund for International Development’s Governing Board has approved $20 million in emergency finance to support efforts by the Maldives to recover its economy against the Covid-19 pandemic.

The OPEC Fund for International Development is a multilateral development finance institution. They noted that the $20 million loan to Maldives is an emergency finance support.

The OPEC Fund said that the emergency financial support is expected to support Maldives’ economic recovery plan, which also includes a package of economic relief measures aimed at reducing the socioeconomic impact of the Covid-19 pandemic in light of the decline in tourism.

OPEC Fund has announced a $390 million package to support developing countries combatting the pandemic. They have provided assistance to countries such as; Egypt, Tanzania, Mali and Nicargua.