Press Releases
- Press Release
Press Release
OFID provides US$93 million to boost development efforts
10/2008 April 14, 2008 Washington, DC, USA
Press inquiries:
Eight developing countries in Africa, Asia and Latin America are to benefit from fresh financing extended April 11-12 by the OPEC Fund for International Development (OFID). The loans were signed on behalf of OFID by Mr. Suleiman J. Al-Herbish, Director-General, who was in Washington to attend the World Bank/IMF Annual Meetings.
“OFID Director-General, Mr. Suleiman J. Al-Herbish
and HE Mr. Goodall E. Gondwe, Minister of Finance
of Malawi, shake hands after signing a US$10 million
loan agreement”
The financing, totalling US$93 million, will support projects with a wide variety of development objectives. Aims include rehabilitation and/or construction of transport infrastructure. Other goals are the upgrading of water supply systems, provision of electrical power and the promotion of rural development. Debt reliefwas also provided under the Heavily Indebted Poor Countries (HIPC) Initiative.
The breakdown of the loans is as follows:
| Country | Project | Amount (US$mil.) |
| Burundi | HIPC II Debt Relief |
5.00 |
| Burundi | Transitional Program of Post-Conflict Reconstruction |
10.00 |
| Burundi | Kirundo-Gasenyi Road | 12.00 |
| Cape Verde | Reinforcement of Electricity Production and Distribution System (€8.5 million) | 12.50 |
| Congo | Rural Development in the Niari, Bouenza and Lekoumou Departments | 7.50 |
| Guatemala | Central North Eastern and South Eastern Regions Rural Development | 11.00 |
| Malawi | Second National Water Development | 10.00 |
| Maldives | Construction of Harbors for Tsunami Victims | 6.00 |
| Seychelles | Perseverance Island Social Services | 8.00 |
| Tanzania | Ole-Kengeja Road | 11.00 |
| Total | 93.00 |
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 funding includes project and program loans, balance of payments support and HIPC debt relief, as well as financing under OFID’s recently-established Trade Finance Facility. Others are private sector financing, grant assistance and 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 around the world.
For detailed information on individual projects, please visit the country profiles pages of the OFID website.