Over 22 African countries to benefit from new funds approved by OFID’s Board

(from left) Fuad Albassam, Assistant Director-General, Dept of Operations; OFID Director-General Mr Suleiman J Al-Herbish; HE Abdulwahab A Al-Bader, Governing Board Chairman; and Saeid Niazi, Assistant Director-General, Dept of Financial Operations.

Vienna, Austria, September 23, 2014. Over 22 partner countries in Africa stand to benefit from fresh financing approved at the 148th Session of the Governing Board of the OPEC Fund for International Development (OFID).

Commenting on the latest approvals, OFID Director-General Mr Suleiman J Al-Herbish said: “The water-food-energy nexus represents one of the greatest challenges of our time. This is why much of this new round of financing focuses on these three separate, albeit intertwined, sectors. OFID also recognizes the need to strengthen SMEs and trade finance in developing countries, which is also reflected in these latest approvals.”

Totaling almost US$69m, public sector approvals will support the following projects:

Seven grants were also approved for the following projects/programs:

Under OFID’s private sector lending window, one financing facility of US$15m will strengthen the delivery of electricity in Kenya. A risk-sharing scheme of US$150m involves the participation in the Global SME Facility to support access by SMEs in emerging markets. Under OFID’s trade finance program, the Board approved the increase of an existing program by US$250m that will support trade flows in emerging markets.

To read about other loans and grants approved at the meeting, please see press release 18/2014.