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OPEC Fund loan to support higher scientific education in Chad
September 20, 2022: The OPEC Fund for International Development is extending a US$11 million loan to the Republic of Chad to support Phase 2 of the Abéché National Institute of Science and Technology (INSTA) Expansion Project to strengthen higher scientific education.
The project is co-financed with the Arab Bank for Economic Development in Africa (BADEA) and will include the expansion of the institute’s facilities and allow 600 more students each year to complete a comprehensive education in technical sciences and biomedicine.
Moussa Batraki, Minister of Economy, Development Planning & International Cooperation of Chad, and OPEC Fund Director-General Dr. Abdulhamid Alkhalifa signed the loan agreement in Vienna today. Dr. Alkhalifa said:
“An inclusive quality education is the cornerstone of social and economic development. Better and sustainable infrastructure, including higher quality housing, academic and social facilities will allow students to focus on their studies and education. We are pleased to support Chad’s development ambitions in the education sector and the Sustainable Development Goal 4 - Quality Education.”
Phase 1 of the INSTA project was also co-financed by the OPEC Fund and is currently in the final stages of implementation. It includes the construction and equipment of academic facilities and related utilities. In Phase 2, six student dormitories and a canteen will be constructed and equipped, complementing other facilities including a 1 MW solar energy station.
The Government of Chad has identified education as a key sector for national development and adopted a two year national strategy for higher education, scientific research and vocational training in 2021. It aims at increasing the number of students in higher education and linking human resource development programs with the labor market.
The OPEC Fund has supported sustainable development in Chad since 1977, providing more than US$125 million financing for transport, education and agriculture sector projects to date.
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. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Positive Outlook by S&P in 2021. Our vision is a world where sustainable development is a reality for all.