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- OPEC Fund boosts transport infrastructure and trade prospects in Republic of Mali
OPEC Fund boosts transport infrastructure and trade prospects in Republic of Mali
Vienna, Austria, July 1, 2020. The OPEC Fund for International Development (the OPEC Fund) has signed a US$20 million loan agreement with the Republic of Mali to finance a road project that will improve links to economic centers and social amenities for around 2.7 million people.
The ‘Rehabilitation of the Sevaré – Gao Road (Sevaré – Boré Section)’ project will refurbish a 111 km stretch of road that comprises part of the National Road 16 in the Mopti region of central Mali. The project includes ancillary works, such as providing road lighting at village crossings and potable water wells, as well as the rehabilitation of rural access roads. Opening up access and reducing travel costs will support key economic sectors that include agriculture, fishing and small business. The Arab Bank for Economic Development in Africa and the government of Mali are co-financing the project.
OPEC Fund Director-General Dr Abdulhamid Alkhalifa said: “The OPEC Fund is very pleased to support this development project, which is accorded high priority by the government of Mali. The rehabilitated road will facilitate further integration among various regions and increase trade, directly supporting Sustainable Development Goals 8 and 9 on decent work and economic growth, and industry, innovation and infrastructure, respectively.”
Including the present loan, the OPEC Fund has approved more than US$285 million for development operations in Mali, much of which has supported the transport and agriculture sectors. The partnership between the OPEC Fund and Mali dates back to the institution’s establishment in 1976 with approvals spanning all of the OPEC Fund’s finance windows – public sector, private sector and grants.
About the OPEC Fund
The OPEC Fund is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to developing countries. 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, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. The OPEC Fund aims to encourage self-reliance and inspire hope for the future.