OFID signs first-ever loan agreement with Suriname

Vienna, Austria, March 18, 2013. OFID has signed a US$13.8 million public sector loan agreement with the Republic of Suriname to co-finance the Meerzorg - Albina Corridor Rehabilitation Program. On behalf of OFID, Ms Anajulia Taylhardat, Director, Latin America, Caribbean and Europe Region, Department of Operations, oversaw the countersigning of the agreement by Finance Minister HE Adelien H. Wijnerman. The signature took place on the sidelines of the Inter-American Development Bank Annual Meetings that held in Panama City, Panama. The 140 km-long Meerzog-Albina Corridor is one of the country’s busiest corridors, which links the capital Paramaribo with French Guyana. Although rehabilitation works on the road are already underway, the scope of the program has expanded. OFID's loan will therefore help finance additional works needed. This is OFID's first operation in the country. The program area covers 7,000 km2 and is populated by around 50,000 people, most of whom are engaged in farming, mining, forestry and fishing for their livelihood. Thus the road provides a crucial connection to trade routes, marketplaces and social services. In addition to rehabilitating and widening the road, bridges will be built or improved and drainage works upgraded. Institutional strengthening is also planned. Other co-financiers of the program include the Inter-American Development Bank, the French Development Agency and the European Development Fund.