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- OFID’s Governing Board approves over US$303m for operations in developing countries
OFID’s Governing Board approves over US$303m for operations in developing countries
Vienna, Austria, March 13, 2019. OFID – the OPEC Fund for International Development – has approved over US$303 million of new funding to benefit developing countries across the globe. The 166th Session of OFID’s Governing Board approved the funding at the organization’s Vienna headquarters.
Most of the approved funds will finance projects in the transportation, water and energy sectors.
The public sector loans, amounting to approximately US$225m, will support the following projects:
Honduras: U$20m. Northeastern Small Producers’ Economic and Social Inclusion Project – PROINORTE
To increase the incomes and improve the living conditions of about 70,000 people through organizational strengthening, technical assistance, and building and/or upgrading rural infrastructure, including providing over 10,000 cookstoves.
Madagascar: US$10m Mangoky River Bridge Construction (RN9)
To help reduce rural poverty and promote inclusive economic growth in the southwest through the construction of a bridge to improve the transport network. Access roads and other social infrastructure will also be built, benefiting about 2.4 million people.
Maldives: US$50m. Outer Islands Harbors, Water Supply and Sewerage Facilities
To improve the living conditions of approximately 20,000 people residing on 13 islands. A harbor will be reconstructed to improve inter-island travel and the importation of goods, and to aid the local fishing industry.
Senegal: US$65m. Dakar – St Louis Coastal Highway (Dakar – Tivaouane Section)
To improve access to public services and jobs by constructing, among other things, a 63.1 km highway and 7 interchanges, benefitting approximately 1.4 million people.
Suriname: US$26m. Expansion of Power Generation, Transmission and Distribution Systems
To build a new 36 MW power plant and upgrade an existing one, as well as upgrade and expand transmission and distribution networks. The project will benefit about 320,000 people.
Uzbekistan: US$53.96m. Improvement of Water Supply in Yangikurgan District and the City of Namangan
To construct / reconstruct water supply infrastructure thereby improving the health and living conditions of approximately 185,000 people.
The Governing Board also approved a US$300,000 grant for a project aimed at enhancing access to safe drinking water for the rural population in Chad’s pastoral areas.
US$80 million was approved under OFID’s private sector facility: €30 million (approximately US$34 million) to help strengthen the energy sector in Benin; US$30 million to help Nepal boost its energy sector; and US$15 million to support micro-, small- and medium-sized enterprises and the renewable energy sector in Nepal.