- Madagascar and Tajikistan receive OPEC Fund loans to boost socioeconomic development
Madagascar and Tajikistan receive OPEC Fund loans to boost socioeconomic development
OPEC Fund Director-General Dr Abdulhamid Alkhalifa with Madagascar’s Minister of Economy and Finance Richard Randriamandrato.
September 17, 2019, Vienna, Austria. The Director-General of the OPEC Fund for International Development (the OPEC Fund) Dr Abdulhamid Alkhalifa signed loan agreements with Madagascar and Tajikistan to help boost socioeconomic development and living conditions in underserved areas.
The project co-financed by the newly-signed loan agreements are:
Madagascar. US$10m. Mangoky River Bridge Construction (RN9). This project aims at helping reduce rural poverty in the southwest by building a bridge to improve transport. Access roads and other social infrastructure will also be built, benefiting some 2.4 million people. The agreement was co-signed by Madagascar’s Minister of Economy and Finance Richard Randriamandrato.
Since 1976, OFID has approved 34 public sector loans totaling more than US$240 million to Madagascar – with transportation projects leading in approvals, followed by the agriculture, multisectoral, energy and education sectors. The OPEC Fund has also approved private sector and trade finance operations, as well regional and national grants.
Tajikistan. US$10m. Improvement of Water Resources Management in Khatlon Region. This project’s objective is to enhance the health and living conditions of approximately 115,000 farmers and their families by building / improving water and sanitation systems and modernizing irrigation systems and carrying out land reclamation activities. The agreement was co-signed by Tajikistan’s Finance Minister Fayziddin Qahhorzoda.
The OPEC Fund’s partnership with Tajikistan began in 1997, with public sector approvals amounting to nearly US$103m, the majority of which co-funded transportation projects, followed by the health and energy sectors. The OPEC Fund has also approved transactions under its Private Sector and Trade Finance Facility, in addition to regional and national grants.
OPEC Fund Director-General (right) with Tajikistan’s Finance Minister Fayziddin Qahhorzoda.