OFID commits US$75 million to energy access in the Dominican Republic

20.12.2018 | E49/2018




OFID Director-General Dr. Abdulhamid Alkhalifa (right) and Lourdes Gisela Antonia Victoria-Kruse, Ambassador of the Dominican Republic.

 


Vienna, Austria, December 20, 2018. OFID – the OPEC Fund for International Development – has today signed a US$75 million loan agreement with the Dominican Republic to support growth and living standards by helping to improve access to energy.

OFID’s Director-General Dr Abdulhamid Alkhalifa signed the agreement today with Lourdes Gisela Antonia Victoria-Kruse, Ambassador of the Dominican Republic. The loan will support the ‘Electricity Distribution Rehabilitation and Loss Reduction Program – Phase III’.

OFID will co-finance the rehabilitation of approximately 1,048 km of power lines, targeting about 543,000 users in 21 distribution networks in the Dominican Republic. Associated community outreach plans aim to improve customer trust in the distribution networks, increase customer payment levels, reduce technical and non-technical losses, and help educate users on efficient energy use.

Access to affordable and clean energy is the focus of the United Nations Sustainable Development Goal 7 and part of Agenda 2030, which OFID wholeheartedly supports.

OFID has a long history of working with the Dominican Republic. Since 1977, the organization has approved more than US$254 million to supporting development priorities in the Caribbean nation.

About OFID

OFID works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services and promote productivity, competitiveness and trade. OFID’s work is people-centered, focusing on projects that meet basic needs – such as food, energy, clean water and sanitation, healthcare and education – with the aim of encouraging self-reliance and inspiring hope for the future.




dummy