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- OPEC Fund loan to benefit around 1.6m people in Kenya
OPEC Fund loan to benefit around 1.6m people in Kenya
February 15, 2021: The OPEC Fund for International Development (the OPEC Fund) has signed a US$20 million public sector loan agreement with Kenya to increase regional connectivity, enhance trade and improve the socio-economic welfare of about 1.6 million people.
The loan will finance the upgrading of the 90 km Samatar - Wajir Road, a part of the North and North-Eastern Development Initiative Program. The program will better connect Kenya’s northern region to the rest of the country, improving an important 739 km corridor linking Isiolo in the north with Mandera in the northeast (at the border with Ethiopia).
As with all OPEC Fund-financed projects, this investment aligns with the Sustainable Development Goals (SDGs) and with SDG 9 on industry, innovation and infrastructure in particular. The OPEC Fund is co-financing the project with the Arab Bank for Economic Development in Africa, the Kuwait Fund for Arab Economic Development, the Saudi Fund for Development and the government of Kenya.
The OPEC Fund and Kenya have been development partners for nearly 45 years. The organization has provided public sector financing totaling close to US$195 million (including the present loan) to help support the country’s agriculture, banking and financial services, communication, education, energy, financial, health, transportation and water and sanitation sectors.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries. The organization 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 OPEC Fund was established by the member countries of OPEC in 1976 with a distinct mandate: to drive development, strengthen communities and empower people. Our 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. To date, we have approved more than US$25 billion for operations in 135 partner countries. Our vision is a world where sustainable development is a reality for all.