- Media Center
- Press releases
- OPEC Fund helps strengthen Senegal’s food security
OPEC Fund helps strengthen Senegal’s food security
Vienna, Austria, November 3, 2020. The OPEC Fund for International Development (the OPEC Fund) has signed a US$20 million public sector loan agreement with Senegal to co-finance a project that will boost food security and incomes for around 300,000 people, with a strong focus on women and youth.
The project will construct agricultural production and marketing infrastructure (including rural roads) to improve the management of natural resources and environmental monitoring in Senegal. Around 28,000 new rural jobs will be created: 30 percent of which will be for women and 40 percent for youths. Co-financiers include the African Development Bank (AfDB), the International Fund for Agricultural Development and the Africa Growing Together Fund (a facility sponsored by the People’s Bank of China and administered by the AfDB).
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “Agriculture is a key driver of economic growth in Senegal and continues to be an important source of employment for much of the rural population. This project helps agricultural communities to reach their full potential by providing better access to infrastructure and rural entrepreneurship opportunities, particularly for under-served groups such as women and youth. We are very pleased to be working with our development partners to bring this project to life in support of the Sustainable Development Goals.”
The OPEC Fund and Senegal have been development partners for nearly 45 years. The organization has provided public sector financing totaling more than US$243 million (including the present loan) to help support the country’s agriculture, education, health, industry, transportation, and water and sanitation sectors.
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.