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Press Release
OFID approves US$187 million in fresh financing for development
30/2009 June 18, 2009 Vienna, Austria
Press inquiries:
New financing totaling nearly US$187 million was approved at the 127th Session of the Governing Board of the OPEC Fund for International Development (OFID), which held yesterday in Vienna, Austria. The funds will support 12 projects in needy countries in Africa, Asia, Latin America, the Caribbean and Europe. Commenting on the loans, OFID Director-General, Mr. Suleiman J. Al-Herbish, assured the Board that OFID, together with other multi-lateral organizations, would “continue to maintain its level of financial support to vulnerable countries.” In some cases, OFID has even stepped up its delivery of assistance, he pointed out, as the global economic climate is causing many development aid channels to recede.
Additionally, the Board approved debt relief of US$10 million for Burkina Faso and US$8.5 million to Côte d’Ivoire under the Heavily Indebted Poor Countries (HIPC) Initiative.
The 12 public sector loans comprise:
| Country | Project | Amount (US$mil.) |
| Bolivia | Extreme Poverty Eradication Program Plan Vida. | 10.00 |
| Bosnia and Herzegovina | Rural Livelihoods Development | 6.00 |
| Egypt | Social Fund for Development | 25.00 |
| Ethiopia | Nekemte-Bedelle Road | 15.00 |
| Honduras | Rehabilitation of the Agricultural Corridor Road | 25.00 |
| Mali | Taoussa Dam | 8.00 |
| Mozambique | Energy Development and Access Program | 8.00 |
| Nepal | Lumbini Connectivity and Infrastructure Improvement | 15.00 |
| Pakistan | Neelum Jhelum Hydropower Plant | 31.10 |
| Paraguay | National Rural Roads Program – Stage II,
Phase II |
29.00 |
| Rwanda | Electricity Access Scale-up | 10.00 |
| Senegal | Linguère-Boulal Road (Supplementary Loan) | 4.70 |
| Total | 186.80 |
In addition, grants totaling US$5.1 million were approved at the Meeting (see separate press release 31/2009). Of these, US$2.5 million will co-finance an OFID/ILO (International Labor Organization) multiregional project on Strengthening the World of Work Response on HIV/AID, which will be drawn from OFID’s Special Grant Account for HIV/AIDS Operations. Another US$1.2 million grant will be allocated to eight CGIAR (Consultative Group on International Agricultural Research) sponsored agricultural research centers. A third grant of US$1 million will help finance a project to improve the access of water supply and sanitation services in Haiti. Finally, a fourth grant of US$400,000 will support a project of Hilfswerk Austria International aimed at promoting rural development in the coastal zones of Lake Managua, Nicaragua.
Since its inception in 1976, OFID has provided over US$10.6 billion in much-needed concessional development financing to 121 developing countries around the world, with priority given to the poorest amongst them.
