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Press Release
OFID releases US$135 million in fresh financing for development
22/2008 June 20, 2008 Vienna, Austria
Press inquiries:
New financing totaling US$135.57 million has been approved at the 123rd Session of the Governing Board of the OPEC Fund for International Development (OFID), which held in Isfahan, the Islamic Republic of Iran on June 18. The funds will support 12 projects in needy countries in Africa, Asia and Europe. OFID Director-General, Mr. Suleiman J. Al-Herbish, said the majority of the loans supported transportation projects. Continuing, he said OFID had always “accorded this sector high priority” as it opened up trading opportunities, eased the movement of agricultural inputs and produce and alleviated the isolation of rural communities. He also noted that a significant portion of the financing aimed at boosting drinking water supplies and increasing agricultural output. The Director-General emphasized that the results helped improve health indicators and boost food supplies during “this time of severe food insecurity” which was causing “needless suffering for millions of people.”
Additionally, the Board approved debt relief of US$520,000 for Afghanistan under the Heavily Indebted Poor Countries (HIPC) Initiative. The 12 public sector loans comprise:
| Country | Project | Amount (US$mil.) |
| Albania | Secondary and Local Roads |
15.00 |
| Burkina Faso | Small-Scale Irrigation and Water Management |
4.00 |
| Burundi | Bubanza-Ntamba Road | 10.00 |
| Cape Verde | Fogo Ring Road | 8.00 |
| Chad | Am Timan-Haraze Mangueigne Road | 4.00 |
| Laos | Northern Greater-Mekong Sub-region Transport Network Improvement | 11.00 |
| Madagascar | Support Program for Rural Micro Enterprise Poles and Regional Economies | 5.00 |
| Mauritius | Terre Rouge Verdun Ebene Road (Phase II) | 8.07 |
| Morocco | Taskourt Dam Construction (Phase I) | 20.00 |
| Sudan | Heightening of the Roseires Dam Rehabilitation | 30.00 |
| Vietnam | Ha Tinh Province Irrigation Development | 10.50 |
| Zambia | Kalabo-Sikonga-Angola Border Road | 10.00 |
| Total | 135.57 |
Also approved were two grants totaling US$1.3 million One will support a polio eradication program in Afghanistan and Pakistan, while another will help finance the expansion of a women’s technical school in the Dominican Republic (see separate press release 23/2008).
Since its inception, OFID has provided more than US$9.6 billion in much-needed concessional development financing to 121 developing countries.