OFID’s Governing Board approves over US$368 million in new funding

19.03.2018 | E11/2018      


(from left) OFID Director-General Mr Suleiman J Al-Herbish; HE Abdulwahab A Al-Bader,
Governing Board Chairman; and Tarek Sherlala, Assistant Director-General, Dept of Financial Operations.

Vienna, Austria, January 19, 2018.The 162nd Session of the Governing Board of the OPEC Fund for International Development (OFID) has approved over US$368 million of new development funding to benefit developing countries across the globe.

The public sector loans, which total US$226.1 million, will support the following projects:

Country

Project

Amount
US$mil

Argentina Desvio Arijon Water Supply - Phase II. To provide safe and reliable access to potable water to over 120,000 inhabitants in the central region of Santa Fe Province. This will be done by expanding and increasing coverage of the current water supply system. In addition to helping strengthen local economic activities, including tourism, the project is expected to provide abundant water supplies for crop irrigation and livestock. 50.0
Cabo Verde Mindelo Cruise Terminal. To help boost tourism, a vital economic sector for the country, on the island of Sao Vincente by constructing a cruise terminal at Porto Grande and on-shore facilities. The project is expected to help reduce poverty for the island’s 80,000 inhabitants through the creation of jobs and anticipated growth in the private sector. 19.5
China Hohhot Healthcare. To expand the Hohhot Mongolian Hospital of Traditional Chinese Medicine through the construction of a 71,000 m2, 700-bed medical and care center for the elderly. The new facility will increase and improve in-patient capacity, and offer out-patient services for over 510,000 individuals per year. 41.6
Côte d'Ivoire Agriculture Rural Development Program (PADFA). To stimulate economic growth and reduce poverty though the repair and installation of rice and mango processing/packaging systems, upgrading of rural roads, development of farmland and institutional strengthening, and improving producers’ linkages with export and urban markets, among other works. This will in turn improve living conditions and incomes for around 180,000 people. 19.0
Dominican Republic Electricity Distribution Rehabilitation and Loss Reduction Program - Phase III. To rehabilitate high-priority circuits across the country and install around 1,050 km of distribution networks with the view of reaching 607,500 users. The program also contains a component to strengthen the commercial management of electricity to reduce losses and boost revenues. Phases I and II were also co-financed by OFID with US$90 million in funding. 75.0
Guinea Bissau Economic Development Project for the Southern Regions (PADES). To help alleviate poverty and enhance food security by rehabilitating over 22,000 hectares of mangrove rice production fields, strengthening the capacity of producers’ and users’ associations and modernizing 33km of rural roads to open up agricultural production areas and provide links to markets. Around 31,000 farmers stand to benefit from the project, of which 40 percent comprise women and youth. 6.0
Malawi Rehabilitation, Upgrading and Expansion of Karonga Water Supply System. To boost capacity of potable water supplies in Karonga town in Malawi’s northern region, where demand is outpacing supply. An estimated 184,000 residents will be able to enjoy improved health and livelihoods. 15.0
     
Total   226.1

 

Other approvals included five grants totaling US$4.92 million to the following organizations:

  • Habitat for Humanity. US$420,000. To improve the living conditions of some 13,000 slum-dwellers of Peace Island in Greater Monrovia, Liberia, by carrying out works that will increase access to clean water, sanitation and waste management, as well as awareness raising through hygiene workshops and training. Also planned is a pilot scheme that will offer microfinance loans for housing and interventions to provide households with construction materials.
  • Palestine. US$1.5 million. This grant, to be channeled through the IsDB and implemented by the Hebron Rehabilitation Committee, aims to improve living conditions of Palestinians in Hebron by rehabilitating 85 residential units belonging to disadvantaged families residing in historic buildings in the Old City. Restoration works will also be carried out at the Ibrahimi Mosque, a UNECSO heritage site. Around 680 people will benefit from the project.
  • Jordan River Foundation - Madrasati Initiative. US$500,000. To enhance education access for Palestinian children in East Jerusalem. Activities will include renovating and refurbishing six schools (attended by around 1,200 pupils), the purchase of equipment and teaching supplies, and a professional development scheme for teachers focusing on ICT (Information and Communication Technology), as well as a student and community engagement activity component.
  • United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). US$1.5 million. To enhance the health and living conditions of around 24,000 residents in Shu’fat camp by upgrading storm-water and sewerage networks, which severely flood during the rainy season and cause pollution. OFID also co-funded Phase I of this initiative with a US$1.4 million grant.
  • World Health Organization (WHO). US$1 million. To support a wide-scale initiative aimed at reducing the burden of Neglected Tropical Diseases (NTDs) in endemic African countries through the control, elimination, and eradication of the five most prevalent and highest-burden NTDs: Onchocerciasis, Schistosomiasis, Trachoma, Lymphatic Filariasis and Soil-transmitted Helminths. Activities will be carried out in Comoros, Cameroon, Central African Republic, Eritrea, Republic of Congo, Democratic Republic of Congo and Somalia.

Under OFID’s private sector facility, two financing facilities were approved, one to help enhance the energy sector in Cameroon (€50 million) and the other to support a financial institution in Sri Lanka (US$10 million) in expanding its lending to micro-, small- and medium-sized enterprises. Under OFID’s trade finance operations, US$65 million was approved to support international trade activities in El Salvador and Panama. A revolving trade finance facility was also approved for the purchase, storage and sale of agricultural commodities in Ghana.

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