The OPEC Fund for International Development has approved more than US$390 million of new funding to support operations in developing countries across the globe.
At the virtual 171st Governing Board session, the Board also endorsed a number of key decisions related to the implementation of the organization’s Strategic Framework, which is enabling the OPEC Fund to maximize its development impact on the ground. In addition, the Governing Board endorsed a comprehensive action plan that will ensure the OPEC Fund remains a reliable and responsive development partner as the COVID-19 pandemic continues to unfold.
OPEC Fund Director-General Dr Abdulhamid Alkhalifa said: “We recognize that many of our partners are refocusing efforts and resources to contain and mitigate the impact of COVID-19. We are committed to supporting them to do precisely this.”
The public sector loans approved by the Governing Board, amounting to US$130.5 million, will support projects in Egypt (US$20m, Sustainable Transformation for Agricultural Resilience in Upper Egypt (STAR), Maldives (US$20m, Public Sector Investment Program (PSIP) Emergency Loan), Mali (US$20m, Rehabilitation of the Sévaré – Gao Road (Sévaré – Boré Section) and Tanzania (US$50m, Tanzania Poverty Reduction Project IV).
Under the OPEC Fund’s trade finance operations, US$120 million was approved, comprising two unfunded risk sharing programs totalling US$100 million; and US$20 million to support food commodity trade in Africa.
Be First to Comment