OPEC Fund extends US$17 million loan to enhance healthcare in Comoros

February 28, 2024: The OPEC Fund for International Development (the OPEC Fund) is providing a US$17 million loan to co-finance the reconstruction of the El-Maarouf Hospital in Comoros, the largest medical facility in the country and founded in 1954. The loan will finance the construction of a 300-bed unit serving the entire population, particularly mothers and children.

The new hospital will be constructed in Moroni, the largest and most accessible city of the Comoros archipelago, an island union with more than 800,000 inhabitants. The hospital will be equipped with specialized healthcare services and will offer state-of-the-art clinical, diagnostic and auxiliary services. 

The OPEC Fund is partnering in financing the project with the Islamic Development Bank (IsDB), the World Bank Group, Trade and Development Bank (TDB), a trade and development financial institution operating in eastern and southern Africa, and the government of Comoros.

OPEC Fund Director-General Abdulhamid Alkhalifa said:

“We are pleased to expand our cooperation with Comoros. The new state-of-the-art hospital will enable citizens to receive modern healthcare services without having to travel abroad. We expect the new hospital not only to improve citizens health, but also strengthen the local economy.” 

Many people in Comoros must travel abroad to seek better healthcare because of the limited availability of services in the country. Ninety percent of the medical conditions, which currently require travel, will be treated at the new hospital once it is operational. It will also serve as training center for medicine and public health, providing healthcare workers with improved skills and training.

To date, the OPEC Fund has supported around 10 projects in the Union of Comoros, primarily supporting the healthcare sector through regional and national 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 about US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.