VIENNA, Sept. 12, 2024 /PRNewswire/ -- The OPEC Fund for
International Development (the OPEC Fund) is significantly stepping
up its development support with nearly US$1.2 billion in new funding since June. The
latest projects approved by the Governing Board, which met for its
189th session today, support smallholder farmers and
businesses, promote the construction of resilient infrastructure,
provide clean water & sanitation solutions and increase climate
resilience. Partner countries' reform programs will benefit from
dedicated OPEC Fund loans.
OPEC Fund President Abdulhamid Alkhalifa said: "The OPEC
Fund is ramping up its efforts with significant new financing
approvals which underscore our commitment to transformative
development. These investments in our partner countries will boost
infrastructure and build resilience, delivering tangible benefits
for the people and communities we serve."
The OPEC Fund's Governing Board approved the following new
projects in today's meeting and since its last meeting in
June 2024.
Public Sector Operations (in alphabetical order):
Armenia: A
US$50 million policy-based loan will
fund a joint World Bank program to support government efforts to
foster climate change mitigation and adaptation, improve
environmental management and energy efficiency, promote human
capital development and strengthen governance.
Benin: A
US$26 million loan will support the
scaling up of investments in agriculture to enhance food security
through the Horticulture Development Support Project in partnership
with the International Fund for Agricultural Development. The
project will reach 16,000 households and benefit nearly 100,000
smallholder horticulture farmers and family members, nearly half of
whom are women and young people.
Colombia: A
US$150 million policy-based loan will
finance and help the implementation of the government's
Decentralization and Biodiversity Support Program. It is promoting
territorial development by strengthening institutions, improving
environmental governance and enhancing biodiversity protection. The
program is expected to benefit nearly 16.5 million people.
CĂ´te d'Ivoire: A US$60
million policy-based loan for the Economic Transformation
and Inclusive Governance Program (PATEGI) - Phase I will promote
inclusiveness and governance in public finance management; improve
competitiveness and boost the green transition in the transport and
energy sectors. The program is being co-financed with the African
Development Bank.
Democratic Republic of
Congo: A US$30 million
loan will improve access to potable water through the development
of infrastructure in the Ubangi River basin, specifically in the
North Ubangi province in Gbadolité and the rural areas of
Mobayi-Mbongo, where access to drinking water is significantly
lower (8 percent) than the national average (18 percent).
Honduras: A
US$15 million loan will enhance food
security by promoting resilient and sustainable agriculture in
north-central Honduras. The
project will benefit around 140,000 people, prioritizing women and
youth.
Jordan: A
US$100 million policy-based loan will
support a joint World Bank program targeting human capital, which
aims to improve the governance and effectiveness of education,
health and social assistance. It will also promote climate
resilience including safeguarding households from the adverse
effects of rising temperatures.
Oman: A loan
facility of up to US$392 million
financing, consisting of two tranches (US$180 million and US$212
million), will support the Dibba-Lima-Khasab road project, a
strategic investment covering a total length of 72km. The road will
reduce travel times, improve traffic safety and boost tourism.
Tajikistan: A
loan facility of up to US$100 million
consisting of four tranches (US$25
million each) will support the Rogun Hydropower Plant
Project, currently under construction on the Vakhsh River. The
power plant will have an installed capacity of 3,780 MW, promoting
energy security in the country and providing clean energy for the
entire Central Asia region.
Private Sector and Trade Finance Operations (in alphabetical
order):
Armenia: A
US$10 million loan to a local bank
will support on-lending to small and medium-sized enterprises
(SMEs) and provide funds for green projects
Botswana: A
US$40 million loan to a local
development organization will promote economic diversification
beyond the diamond industry and support non-mining sectors such as
agribusiness, health, education, ICT, finance and energy.
Dominican
Republic: A US$17.5
million loan to a local bank will promote on-lending to
SMEs, including women-led businesses.
Regional Africa: A US$40 million loan to a regional development bank
will support socio- economic development across four countries.
The OPEC Fund also approved four trade finance facilities in
Mauritania (US$50 million), Senegal (US$47
million), Egypt
(US$35 million) and Pakistan (US$25
million) to support the import of strategic commodities for
development.
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.
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