OFID Approves USD 605 Mln In Loans For Development Projects In 14 Countries

(MENAFN- Kuwait News Agency (KUNA)) VIENNA, June 26 (KUNA) -- The OPEC Fund for International Development (OFID) Governing Board approved Wednesday the disbursement of USD 605 million in loans to finance key development projects in 14 countries
The approved projects focus on priorities such as global food security, climate finance and critical infrastructure, according to a statement by OFID.
The OPEC Fund's Governing Board approved the following new projects since its latest meeting in March 2024.
Bangladesh: A USD 35 million loan to a private bank to support on-lending to small businesses and women-owned businesses and to promote food security and climate action.
Bhutan: A USD 50 million loan to support the development of 65 MW renewable energy capacity with the Begana and Gamri-I Integrated Hydropower Project to strengthen energy security and reduce import dependency in dry seasons.
China: A USD 56.5 million loan to finance the Pengshui Vocational Education Project to expand and strengthen the existing capacity and deliver market-oriented education for about 9,000 young students in Pengshui County.
Guinea Bissau: A USD 15 million loan to co-finance the Economic Development of Southern Regions Project - Phase II with the International Fund for Agricultural Development (IFAD) to increase agricultural resilience with climate-smart practises.
India: A USD 100 million loan to co-finance the Mumbai Metro Line 5 Project, together with the Asian Infrastructure Investment Bank (AIIB), to meet the growing demand for urban transportation in the metropolitan region with a population of over 26 million.
Lesotho: A USD 20 million loan to support the Wool and Mohair Value Chain Competitiveness Project through sustainable, climate-smart practices and supporting more than 45,000 smallholder farmer families.
Morocco: A USD 100 million loan to co-finance the first phase of the Economic Governance and Climate Change Resilience Support Program to increase competitiveness and strengthen resilience, including to climate change.
Rwanda: A USD 20 million loan to co-finance the second phase of the Rwanda Dairy Development Project to enhance income, nutrition and resilience of 175,000 rural households through a more inclusive, sustainable, digitized and competitive dairy sector.
Somalia: A USD 36 million loan to finance the Debt Sustainability and Clean Cooking Program and provision of two separate USD 3 million grants to support project implementation.
Tanzania: A USD 50 million loan to co-finance the Climate Smart Smallholders Dairy Transformation Project together with IFAD to improve livelihoods of 120,000 rural households, increase food safety and mitigate the impact on climate change.
Turkiye: A USD 20 million loan to partially finance the Post-Earthquake Emergency Hospitals Project, which is part of overall Government efforts to build 13 hospitals following the 2023 disaster. The OPEC Fund's loan will support the construction of one 50-bed, earthquake-resilient hospital in the Malatya province in eastern Anatolia.
Bosnia and Herzegovina: A 12.5 million euros (USD 13.35 million) loan to Raiffeisen Bank Bosnia and Herzegovina for on-lending to micro, small and medium-sized enterprises, including women-led companies.
Mauritania: A USD 40 million participation in a multi-lender trade finance facility to support energy security
Uzbekistan: A USD 40 million loan to a bank in Uzbekistan to support small and medium-sized enterprises and agribusinesses.
It also offered a USD 3 million grant to the UN World Food Programme to establish the OPEC Fund Food Security and Climate Adaptation Facility, an initiative to strengthen climate-resilient food systems and improve food security in the most vulnerable regions of the world. The facility aims to catalyze USD 500 million in investments by 2030 and will kick-off with pilot initiatives in sub-Saharan Africa.
Prior to the Governing Board meeting, the OPEC Fund inaugurated its extended Headquarters building on Vienna's historic Ringstrasse. (end)
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