OFID provides US$81m to four partner countries

15.04.2019 | E08/2019

Vienna, Austria, April 15, 2019. OFID – the OPEC Fund for International Development – has signed public sector agreements totaling US$81 million on the sidelines of the World Bank Group and International Monetary Fund Spring Meetings in Washington, DC.

The public sector agreements will support the following countries / projects:

  • Burkina Faso. US$19 million. Tougan Ouahigouya Road. To upgrade a 94 km stretch of road to promote trade, improve links between production zones and the capital Ouagadougou, and enhance access to social services for around 250,000 people.
  • Ethiopia. US$22 million. Dilla-Bulle-Haro Wachu Road Upgrading. To improve a 68 km road that will enhance economic development in a region where agriculture is a primary source of income. At least 730,000 people will benefit from improved access to social services and marketplaces.
  • Guinea. US$25 million. Family Farming, Resilience and Markets in Upper and Middle Guinea Program. To help alleviate poverty and enhance food security by upgrading infrastructure that will assist farmers in adopting more efficient technologies. The project is expected to benefit around 455,000 people.
  • Malawi. US$15 million. Shire Valley Transformation Program. To provide access to irrigation and drainage services, help secure land tenure, and strengthen wetlands management to increase agricultural productivity and commercialization for about 56,000 smallholder families.

The agreements were signed by OFID Director-General Dr Abdulhamid Alkhalifa and ministers from the beneficiary countries. In addition, Dr Alkhalifa signed an Agreement for the Encouragement and Protection of Investment (AEPI) with Suriname. The agreement, which sets the framework for commencing private sector operations in the country, was co-signed by Suriname’s Minister of Finance Gillmore Hoefdraad.

OFID’s delegation also met with vice-presidents and executive directors of the World Bank Group and senior representatives of development institutions and held bilateral meetings with partner institutions including other DFIs, commercial banks and financial advisory firms. Other meetings attended included:

  • 99th Meeting of the Development Committee
  • G-24 Meeting of Ministers and Governors
  • Arab Coordination Group Meeting with the World Bank Group over the Deep Dive Initiative
  • Ministerial Roundtable on Gambia
  • Technical meetings with partner countries
  • 3rd High Level Meeting of IFIs, EFIs and AFIs for enhanced coordination in the MENA region, organized by EU Commissioner Johannes Hahn.