OPEC Fund’s €25 million loan will expand transport infrastructure in Bosnia and Herzegovina

November 23, 2023: The OPEC Fund for International Development (the OPEC Fund) has signed a €25 million loan agreement in support of the Corridor Vc Motorway - Section Nemila-Donja Gracanica in Bosnia and Herzegovina. The construction of the new expressway is a key project for the country, internally connecting north and south and externally linking the country with the Trans-European Transport Network.

OPEC Fund Director-General Abdulhamid Alkhalifa, who signed the agreement in Sarajevo today with Srđan Amidžić, Minister of Finance and Treasury of the Republic of Bosnia and Herzegovina, said:

“Transport is crucial for development as it enhances integration with neighboring countries and fosters economic activity and connectivity. The OPEC Fund has been a steadfast partner of Bosnia and Herzegovina since 1997 and has extended support in various sectors. We look forward to further strengthening and expanding our cooperation to progress the country’s development priorities.”

The European Corridor Vc Motorway is a 335 km regional highway that traverses Bosnia and Herzegovina, connecting Budapest (Hungary) to the Adriatic Port of Ploče (Croatia). The project is divided into four sub-sections, two of which - Klopce-Donja Gracanica and Vranduk-Ponirak - the OPEC Fund has co-financed. Tangible benefits for the people of Bosnia and Herzegovina include enhanced road safety, reduced travel times and cost as well as a boost to trade and tourism thanks to better accessibility from which at least 150,000 people are expected to profit.

OPEC Fund Director-General Alkhalifa and his delegation are in Bosnia and Herzegovina to meet key development partners and visit OPEC Fund-supported projects. To date, the OPEC Fund has approved US$250 million for development projects in Bosnia and Herzegovina in agriculture, education and infrastructure.

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.