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VIENNA, Dec. 15, 2022 /PRNewswire/ -- Setting a new record, the OPEC Fund for International Development has approved more than $500 million in new financing at its latest Governing Board meeting and in the last quarter of 2022.
The 15 new projects approved reflect the launch by the OPEC Fund of a $1 billion Food Security Action Plan and the adoption earlier this year of its first Climate Action Plan. In addition, the new commitments will support infrastructure development and investments to improve communities in the Fund's partner countries around the world.
OPEC Fund Director General Dr. Abdulhamid Alkhalifa stated: "In a very difficult year, the OPEC Fund was able to significantly increase its support and strengthen its impact. Our new approvals will provide much-needed funding to address pressing global issues such as security food, energy and climate, in line with our strategic priorities. At the same time, we recognize the need to accelerate support for sustainable development to ensure the livelihoods and well-being of people around the world."
The OPEC Fund Governing Board approved the following projects:
Promotion of access to energy and renewable energies:
Niger: A $25 million loan for the Solar Plant Development and Electricity Access Improvement Project in Niger will connect 80,000 households to the national electricity grid through the construction and grid integration of a 10-meter solar photovoltaic plant MWp. In addition, the OPEC Fund will co-finance the construction of power transmission lines in the southern region of the country and in Niamey, the capital.
Bangladesh: A $38 million private sector loan will support the construction of a 584 MW power plant, create more than 1,000 jobs and strengthen the country's energy security.
Uzbekistan: A $20 million private sector loan will help finance a 500 MW wind farm and 160 kilometers of transmission lines, helping the country modernize its energy infrastructure.
Uzbekistan: Another $20 million private sector loan will help finance a 500 MW wind farm and 128 kilometers of transmission lines.
Tanzania: A $60 million tranche of financing for the Benaco-Kyaka Transmission Line Project will support the construction of more than 160 kilometers of transmission lines and a substation to deliver reliable power services from the national grid to the northwestern region of Tanzania. country.
Food safety:
Benin: A supplementary loan of US$14 million will support the ongoing Market Access Support and Agricultural Development Project, which is expected to benefit more than 255,000 people, including small farmers. The project will increase farmers' income and strengthen food security and nutrition in rural areas.
Liberia: A $10 million loan for the Special Agro-Industrial Processing Zone Project will improve food security and support small and medium-sized enterprises (SMEs).
Social infrastructure, international trade and support for SMEs:
Africa: A $50 million loan to a regional multilateral development bank will boost infrastructure projects in countries across the continent.
Africa: A $40 million loan to a private sector institution will support the import and export of basic agricultural products and fertilizers in several African countries.
Côte d'Ivoire: A €70 million program-based loan will help finance the Program to Support Economic and Social Reforms. Budget support is intended to promote reforms aimed at facilitating the access of disadvantaged people to basic social infrastructure.
Africa: A €50 million loan to a regional multilateral development bank will support SMEs and green energy projects in several West African countries.
Kyrgyz Republic: A $15 million loan for the Suusamyr-Talas-Taraz Highway Reconstruction Project (Phase-IV) will support the reconstruction and improvement of a 93 km section of the road corridor, which connects the country with the neighboring country Kazakhstan in order to promote regional trade and tourism.
Madagascar: A $36.5 million financing package, consisting of a loan and a $1.5 million grant for the National Clean Cooking Transition Program, will provide clean cooking to 200,000 local households and help replant 1,500 hectares of forest.
Mauritania: A $40 million loan for the Kiffa Water Supply Project will help finance a water treatment plant, four pumping stations and more than 300 kilometers of pipelines to supply drinking water to the country's third largest city, Kiffa, and the surrounding rural area.
Botswana: A $20 million loan will support a private sector institution to help local micro, small and medium-sized businesses, especially women-owned businesses.
About the OPEC Fund
The OPEC Fund for International Development (OPEC Fund) is the only globally mandated development institution that provides funding from member countries exclusively to non-member countries. The organization works cooperatively 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 created in 1976 with a well-defined purpose: to promote development, strengthen communities and empower people. Our work is people-centred, focusing on financing projects that meet essential needs such as food, energy, infrastructure, employment (particularly in relation to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than $22 billion for development projects in more than 125 countries, with an estimated total cost of $187 billion. The OPEC Fund has been rated AA /Outlook Stable by Fitch and S
Contact: Basak PamirT 43151564174B.Pamir@opecfund.org
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