Press Release

OFID releases US$69 million in fresh financing for development

07/2008 March 11, 2008 Vienna, Austria
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New financing totaling US$69 million was approved today at the 122nd Session of the Governing Board of the OPEC Fund for International Development (OFID). The financing will support seven projects in needy countries in Africa, Asia and Latin America. OFID Director-General, Mr. Suleiman J. Al-Herbish, remarked that the newly-approved loans would target sectors OFID deemed vital for fostering the socio-economic development among the beneficiary countries. The funding would help rehabilitate rural infrastructure, upgrade key transportation links and improve sanitation systems. Thus, the end result would “assist in changing the economic picture” for thousands of resource-poor communities.

The seven public sector loans comprise:

One aspect of the approved grants will be drawn from OFID’s Special Grant Account for HIV/AIDS operations. The funds will sponsor the 17th International AIDS Conference, which will be held in August, 2008, in Mexico City, Mexico. The other grant will help finance an assessment program launched by the World Health Organization and Health Action International. The program will analyze and assess medication costs in Latin America and the Caribbean (see separate press release 08/2008).

Since its inception, OFID has provided more than US$9 billion in much-needed concessional development financing to 121 developing countries.