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- OPEC Fund commits US$21 million to enhance water supply in Rwanda
OPEC Fund commits US$21 million to enhance water supply in Rwanda
November 9, 2023: The OPEC Fund for International Development (the OPEC Fund) is supporting sustainable water supply in Rwanda with a new US$21 million loan. The expansion of the Karenge Water Supply System Project will benefit the population of Rwanda’s capital Kigali and surrounding areas in the Rwamagana District.
The OPEC Fund loan complements a US$143.3 million financing package provided together with the Abu Dhabi Fund for Development (AFDF), the Saudi Fund for Development (SFD), the Arab Bank for Economic Development in Africa (BADEA) and the Export-Import Bank of Hungary.
OPEC Fund Director-General Abdulhamid Alkhalifa and Rwanda's Minister of State in charge of Public Investment and Resource Mobilization Jeanine Munyeshuli signed the loan agreement on the sidelines of the Saudi-Arab-African Economic Conference in Riyadh, Saudi Arabia, today.
The OPEC Fund Director-General said:
“Water is a vital resource that sustains life and drives economic development. We are proud to support Rwanda’s efforts to improve water management systems and provide access to potable water and sustainable service to meet rapidly growing demand. Sustainable water management is also necessary to mitigate the impacts of climate change, foster better health and create new economic opportunities for the people of Rwanda”.
The centerpiece of the project is the expansion of the Karenge water treatment plant on the shores of Lake Mugesera, about 50 km southeast of Kigali. The enlargement of the plant is expected to quadruple its capacity to 48,000 m3/day, meeting the local water demand until 2050.
To date, the OPEC Fund has provided nearly US$270 million to Rwanda in support of more than 30 projects in the public and private sectors, mainly focusing on transport, water supply & sanitation, energy and finance. Additionally, Rwanda has benefited from over 25 national and regional OPEC Fund grants.
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 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$24 billion to development projects in over 125 countries with an estimated total project cost of US$190 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Outlook Positive by S&P. Our vision is a world where sustainable development is a reality for all.