Press Releases
- Press Release
Press Release
OFID releases US$96 million in fresh financing for development
07/2007 March 13, 2007 Vienna, Austria
Press inquiries:
New financing of US$96.8 million was approved today at the 118th Session of the Governing Board of the OPEC Fund for International Development (OFID). The funds will support nine projects in needy countries in Africa and Latin America. OFID Director-General, Mr. Suleiman J. Al-Herbish, said that this latest contribution focussed primarily on African nations, where poverty levels were “among the world’s highest” and that the new loans would target a “broad range of priority sectors.”
The nine public sector project loans comprise:
| Country | Project | Amount (US$mil.) |
| Burkina Faso | Samendeni Valley Integrated Development | 7.00 |
| Burundi | Transitional Program of Post-Conflict Reconstruction | 10.00 |
| Côte d’Ivoire | Jacqueville Bridge | 5.00 |
| The Gambia | Third Public Works | 4.00 |
| Lesotho | Metolong Water Supply | 6.00 |
| Madagascar | Saint Marie Island Infrastructure Rehabilitation | 2.80 |
| Morocco | Fez-Oujda Highway Reconstruction | 25.00 |
| Paraguay | Concepcion-Puerto Vallemi Road | 26.00 |
| Yemen | Third Public Works | 11.00 |
| Total | 96.8 |
Meanwhile, six grants totaling US$11 million were also approved at the meeting. Two will be drawn from OFID’s Special Grant Account for HIV/AIDS Operations, which will provide HIV/AIDS services to selected African countries; while another two will be taken from the Special Grant Account for Palestine to boost health care services among the population and co-finance a population census. The remaining two grants will support a social development project in Pakistan; as well as help finance an income-generation initiative in the Near East and North Africa Region. (See separate press release 08/2007).
Since its inception, OFID has provided more than US$8.5 billion in much needed concessional development financing to 120 developing countries.