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- OPEC Fund finances clean water and 300 km of roads in DR Congo
OPEC Fund finances clean water and 300 km of roads in DR Congo
November 4, 2020. The OPEC Fund for International Development (the OPEC Fund) is providing two loans totaling US$45 million to help increase the supply of potable water and boost food security in the Democratic Republic of Congo (DR Congo).
A US$30 million loan will support the Ozone Water Supply Project to provide around 1.4 million people in western Kinshasa with clean drinking water. The project is expected to attract more investment into the area, create jobs and strengthen the local economy. The World Bank is a co-financier.
A US$15 million loan will finance the North Kivu Agriculture Sector Support Project to improve food security and incomes for more than 170,000 people. The OPEC Fund’s contribution will help rehabilitate more than 300 km of rural roads to open up access to marketplaces and reduce transport costs. The International Fund for Agricultural Development is also financing the project.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “This latest funding supports DR Congo’s development aspirations that include achieving food self-sufficiency, modernizing rural infrastructure and providing country-wide access to a clean water supply. All the work we are financing aligns with the Sustainable Development Goals. We look forward to working with our partners in the near future to finance other economic sectors deemed a priority by the government.”
The DR Congo government is co-funding both projects. To date, the OPEC Fund has approved more than US$100 million in public sector lending to the country.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The organization was established by the member countries of OPEC in 1976 with a distinct mandate: to drive development, strengthen communities and empower people. The OPEC Fund’s work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. Our vision is a world where sustainable development is a reality for all.