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OPEC Fund helps Tajikistan strengthen transportation and access to global markets
Vienna, Austria, September 24, 2020. The OPEC Fund for International Development (the OPEC Fund) has signed a US$40 million public sector loan agreement with Tajikistan to co-finance a major transportation project that will enable the country to increase connectivity and boost trade.
The loan will contribute to financing the Obigarm-Nurobod road, along with funding from the Asian Development Bank and the government of Tajikistan. The road is part of the Central Asia Regional Economic Cooperation Program that links landlocked and mountainous Tajikistan to global markets. It connects the capital Dushanbe to the northeast region of Tajikistan and the Kyrgyz Republic, and safely bypasses a reservoir and hydroelectric dam that is currently under construction.
OPEC Fund Director-General Dr Abdulhamid Alkhalifa said: “Tajikistan has made solid progress in growing its economy and reducing poverty, and we are proud to have been a part of this journey. This project supports the government’s national development strategy and provides a powerful engine for inclusive economic growth. It contributes to Sustainable Development Goal (SDG) 9 on industry, innovation and infrastructure, and SDG 8 on decent work and economic growth, in particular.”
The OPEC Fund’s contribution will be directed toward the construction of a 30 km-stretch of road linking Obigarm to Tagikamar, two tunnels totaling 3.3 km in length and 30 km of all-weather village access roads, including bridges. The road will be climate resilient and built to international safety standards.
The OPEC Fund has supported development operations in Tajikistan since 1997 and has approved close to US$103 million in public sector finance during this time.
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.