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- OPEC Fund loans totaling US$25m will boost regional agricultural integration in Benin and Togo
OPEC Fund loans totaling US$25m will boost regional agricultural integration in Benin and Togo
October 22, 2021: The OPEC Fund for International Development has signed loan agreements with the governments of Benin (US$15 million) and Togo (US$10 million) to support the Regional Program for the Integration of Agricultural Markets (PRIMA). The Program’s objective is to strengthen the agriculture and trade sectors to sustainably increase the income and food security of rural households.
OPEC Fund’s loan will contribute to finance components of the coordinated regional program PRIMA in Benin and Togo, and is co-financed by the International Fund for Agricultural Development (IFAD) and the governments of both countries. It is expected to benefit some 144,000 households (99,000 in Benin and 45,000 in Togo), representing more than 833,000 individuals, with a strong emphasis on creating jobs for women and youth.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “In both of our partner countries Benin and Togo, agriculture has a high development impact potential, employing a significant percentage of the working population. We are pleased to support the governments’ efforts to transform their local agriculture sectors through diversification, increased productivity and climate change resilience.”
The program will help to improve the performance of sub-regional commercial centers and cross border transport corridors, promote rural entrepreneurship for young people and women, and fully integrate smallholders into national and sub-regional markets. The OPEC Fund’s loan will support market integration and rural entrepreneurship, as well as transformation of family farming adapted to climate change.
Specifically, the funds will help finance the rehabilitation of a total of nine semi-wholesale markets, 19 produce collection centers and 500 km of rural access road sections, connecting the production areas to markets. Additionally, 4,000 hectares of agricultural land will be developed for sustainable irrigation management, enabling family farmers to increase their production and resilience to climate change.
The OPEC Fund has supported projects aimed at boosting socio-economic development in Benin and Togo for more than 40 years, co-financing projects the transport, energy, water supply and agriculture sectors, among others.
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 exclusively. 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 purpose: 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, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. Our vision is a world where sustainable development is a reality for all.