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Press Release
OFID approves US$179 million in fresh financing for development
40/2008 December 17, 2008 Vienna, Austria
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New financing totaling US$178.66 million has been approved at the 125th Session of the Governing Board of the OPEC Fund for International Development (OFID), which held yesterday in Vienna, Austria. The funds will support 15 projects in needy countries in Africa, Asia, Latin America and the Caribbean. Commenting on the loans, Mr. Suleiman J. Al-Herbish, OFID Director-General, said most of the financing would back projects in the agriculture sector. Also, the funding would help boost food security among the populations of the partner countries. Yet other benefits would include the raising of household incomes and improvement of nutritional levels among the “world’s most vulnerable citizens” namely, children under five years of age.
The 15 public sector loans comprise:
| Country | Project | Amount (US$mil.) |
| Armenia | Farmer Market Access Program |
14.00 |
| Belize | Solid Waste Management |
3.26 |
| Congo, DR | Integrated Agricultural Rehabilitation in the Maniema Province | 10.20 |
| Congo, Rep. of | Rural Development in the Likouala, Pool and Sangha Departments | 7.00 |
| Cuba | Eastern Provinces Irrigation Systems Modernization | 13.00 |
| Egypt | Abu Qir Power Plant | 30.00 |
| Guatemala | Sustainable Rural Development Program for the Northern Region | 15.00 |
| Kenya | Kenyatta National Hospital Upgrading | 8.00 |
| Malawi | Kamuzu International Airport Rehabilitation | 7.00 |
| Morocco | Moulay Boushta Dam Construction Phase I | 8.00 |
| Mozambique | Eduardo Mondlane University (Additional Loan) | 4.40 |
| Mozambique | Maputo Roads Development (Additional Loan) | 1.50 |
| Syria | Ar re-gga Deir Ez-zoor Hassaka Road | 30.00 |
| Togo | Commodity Imports Program II | 9.30 |
| Yemen | Social Fund for Development (Phase III – additional loan) | 18.00 |
| Total | 178.66 |
Also approved was a grant totaling US$2 million to finance Phase IV of an OFID scheme launched in 2002 to help needy Palestinian students continue their education. Under this Phase, tuition fees would be provided for about 80,000 university students and 20,000 college students. Also, a total of 145,000 students would be given living allowances. The funds will be drawn from OFID’s Special Grant Account for Palestine. This joint OFID/Arab Fund for Development/Arab Monetary Fund initiative supports educational institutions, especially colleges and universities. This will, in turn, help avoid the collapse of the educational system in Palestine and insure its sustainability as well as regular attendance of students. The first three phases, also co-financed by OFID, covered assistance for six academic years (September 2002 – August 2008).
Since its inception in 1976, OFID has provided over US$10 billion in much-needed concessional development financing to 121 developing countries around the world.