Press Release

OFID provides US$73 million to boost development efforts

39/2007 December 11, 2007 Vienna, Austria
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Three developing countries in Africa are to benefit from fresh financing extended on December 11 by the OPEC Fund for International Development (OFID).

The loans, totaling US$73.36 million, will support projects that include upgrading an important transport link, renovating and constructing rural infrastructure and building a power station. In addition, OFID is providing debt relief under the Heavily Indebted Poor Countries Initiative (HIPC). A loan extended under the Trade Finance Facility is also included in this latest round of financing, which breaks down as follows:

Implementation of the projects is expected to begin shortly and will bring numerous benefits to communities in the participating countries.

To date, OFID has provided more than US$9 billion in much needed development financing to 121 developing countries worldwide. The financing includes project and program loans, balance of payments support and HIPC debt relief, as well as financing under its recently-established Trade Finance Facility. Others are private sector financing and grant assistance, as well as contributions to other international institutions, such as the Common Fund for Commodities and the International Fund for Agricultural Development. These resources have helped raise living standards among thousands of needy communities.

For detailed information on individual projects, please visit the country profiles pages of the OFID website.