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- OPEC Fund approves US$310m to finance new development projects, plans to disburse more than US$4.5bn over next three years
OPEC Fund approves US$310m to finance new development projects, plans to disburse more than US$4.5bn over next three years
Vienna, Austria, December 11, 2019. The Governing Board of the OPEC Fund for International Development (the OPEC Fund) has approved US$310 million of new funding to benefit developing countries across the globe. The Governing Board also endorsed the implementation of the organization’s Strategic Framework 2030 and approved the 2020 – 2022 Business Plan.
Over the next three years, the OPEC Fund plans to disburse more than US$4.5 billion to fund projects in partner countries. This disbursement program – and the Strategic Framework more generally – supports the organization’s goal of providing responsive and impactful development finance to improve the lives of underserved people across the world.
The newly-approved public sector loans, amounting to US$215 million, will support the following projects:
Belize: US$10m Upgrading of Caracol Road, Phase II
To improve connectivity, promote economic activity (especially tourism) and raise living standards by upgrading a 42.9 km stretch of road, building eight bridges and installing drainages and road safety features.
China: US$25m Wenshan Vocational Education
To deliver high quality, demand-driven vocational education for around 12,000 job seekers and further training to around 6,000 professional and skilled workers per year. This will be achieved by expanding the Wenshan University’s campus and related facilities.
Congo DR: US$15m North Kivu Agriculture Sector Support
To improve food security and incomes for more than 170,000 people through capacity building, institutional strengthening and construction of rural infrastructure.
Congo DR: US$30m Ozone Water Supply
To provide around 1.4 million people in western Kinshasa with clean drinking water by constructing supply infrastructure capable of producing 220,000 m3 of water per day.
Lesotho: US$30m Lesotho Lowlands Water Development Project-Botha Bothe Region
To improve the health and living conditions of about 118,000 people by constructing new water delivery and treatment infrastructure, as well as additional house connections and water points.
Malawi: US$20m Transforming Agriculture through Diversification and Entrepreneurship (TRADE)
To support the value chain and build the capacity of smallholder farmers and rural organizations – benefiting around 1.3 million people. This will include providing enabling infrastructure, as well as access to rural financial schemes and business development services.
Niger: US$15m Strengthening Resilience of Rural Communities to Food and Nutrition Insecurity Program (PRECIS)
To enhance food security for more than 1.4 million people by constructing and rehabilitating farming facilities, supporting better rural marketplace infrastructure and 7,300 rural youth enterprises, and providing technical training and institutional strengthening.
Tajikistan: US$40m Central Asia Regional Economic Cooperation Corridors 2, 3, and 5 (Obigarm–Nurobod) Road
To enhance trade and improve access to social services and jobs in the project area. This will be achieved by constructing a 30 km asphalt highway and 30 km of all-weather village access roads, including bridges and road safety features.
Uganda: US$30m National Oil Seeds
To support smallholder oil seed producers (around 120,000 households in 53 districts). The OPEC Fund’s contribution will finance construction / repair of 2,500 km of feeder roads, water harvesting mechanisms for crops and livestock, and supply chain development.
A total of US$95 million was approved for the OPEC Fund’s Private Sector and Trade Finance operations. This includes US$50 million to finance infrastructure projects in Egypt and US$45 million to support international trade activities in Chile (US$20 million) and Mongolia (US$25 million).
About the OPEC Fund
The OPEC Fund is a development finance institution established by the member states of OPEC in 1976. The OPEC Fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services and promote productivity, competitiveness and trade. The OPEC Fund's work is people-centered, focusing on projects that meet basic needs - such as food, energy, clean water and sanitation, healthcare and education. The OPEC Fund aims to encourage self-reliance and inspire hope for the future.