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- OPEC Fund finances major transport project in Belize
OPEC Fund finances major transport project in Belize
Vienna, Austria, June 29, 2020. The OPEC Fund for International Development (the OPEC Fund) has signed a US$10 million public sector loan agreement with Belize to co-finance the second phase of a major transport project that will ease travel constraints and support socio-economic growth, particularly in the agriculture and tourism sectors.
The ‘Upgrading of Caracol Road Project, Phase II’ will improve a 43 km stretch of road and include the construction of eight bridges. The road section provides the sole link between the George Price Highway (which originates in the country’s largest city, Belize City) and the Caracol Archaeological Site in the Cayo district, one of Belize’s most important tourism areas. The OPEC Fund is partnering with the Kuwait Fund for Arab Economic Development and the government of Belize to finance this project.
“The OPEC Fund is pleased to help finance this project in support of Sustainable Development Goals (SDGs) eight and nine in particular, on decent work and economic growth, and on industry, innovation and infrastructure,” said OPEC Fund’s Director-General, Dr Abdulhamid Alkhalifa. He highlighted that “the road is vital in providing income-generation opportunities for tens of thousands of people and is well-aligned with the government’s recently-launched Comprehensive National Transportation Master Plan.”
Over its three decade-long partnership with Belize, the OPEC Fund has approved US$141 million to support development in the Central American country, the majority of which has helped to strengthen the transport sector.
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.