OFID approves over USD 303 mln. funding for developing countries

VIENNA, The OPEC Fund for International Development (OFID) approved loans and grants amounting to more than USD 303 million for the developing countries across the globe.

During its 166th Session, held here on Wednesday, OFID’s Governing Board decided that most of the approved funds will finance projects in the transportation, water and energy sectors, OFID Director-General Dr. Abdulhamid Al-Khalifa said in a statement following the meeting.

The public sector loans, amounting to approximately USD 225 million, will support the following projects in Honduras, Madagascar, the Maldives, Senegal, Suriname and Uzbekistan, according to the statement.

The Governing Board also approved a USD 300,000 grant for a project aimed at enhancing access to safe drinking water for the rural population in Chad’s pastoral areas. A total of USD 80-million funding was approved under OFID’s private sector facility, including nearly USD 34 million to help strengthen the energy sector in Benin, USD 30 million to help Nepal boost its energy sector, and USD 15 million to support micro-, small- and medium-sized enterprises and the renewable energy sector in Nepal.

Founded by OPEC member states in 1976, OFID is the development arm of the organization; it works with partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world.

Source: Kuwait News Agency