The new projects were approved during the organisation’s 191st Governing Board meeting in Vienna. The company says the new projects reflect its efforts to promote inclusive and resilient growth in line with its strategic priorities.
“From transport corridors to vocational training and financing small businesses the OPEC Fund is supporting practical solutions that align with our partners’ priorities and deliver tangible results. We remain focused on driving sustainable development across regions and sectors,” said OPEC Fund President Abdulhamid Alkhalifa.
The OPEC Fund is a globally mandated development institution that provides financing from member countries to non-member countries. The organisation works in partnership 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.
To date, the fund has committed more than $29 billion to development projects in over 125 countries with an estimated total project cost of more than $200 billion.
The latest approved projects include:
Public Sector Operations
Costa Rica: A €180 million loan will co-finance the “Expansion and Improvement of the San Jose – San Ramon Road Corridor Project” with the Central American Bank for Economic Integration (CABEI).
Nepal: A $100 million loan will co-finance the “South-Asia Subregional Economic Cooperation (SASEC) Electricity Transmission and Distribution Strengthening Project” with the Asian Development Bank (ADB).
Rwanda: A $27.95 million loan will co-finance the “Center of Excellence in Aviation Skills Project” with the African Development Bank (AfDB).
Senegal: A €25 million loan will help finance the “Water Valorization for Value Chains Development Project- Phase 2 (PROVALE – CV2)” together with AfDB and other partners to promote the sustainable increase of agricultural production, jobs and incomes.
Tanzania: A US$75 million loan - as the first tranche of a $150 million facility - will support the “Regional Standard Gauge Railway Project (Uvinza–Malagarasi Section)”, co-financed with AfDB and other partners.
Private Sector Operations:
Côte d’Ivoire: A €30 million loan will expand access to finance for small and medium-sized enterprises (SMEs), helping to strengthen entrepreneurship, promote job creation and stimulate economic growth.
Democratic Republic of the Congo: A $20 million loan, as part of a larger financing package with development partners, will support on-lending to critical sectors of the economy.
Nicaragua: A $20 million loan will promote financial inclusion by facilitating access to credit for businesses in the agriculture sector.
Regional (Africa): A $40 million participation in a $240 million trade finance facility will finance the import and export of agricultural commodities across multiple African countries.
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