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Press Release
OFID signs loan agreements with seven beneficiary countries
43/2009 October 9, 2009 Vienna, Austria
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The OPEC Fund for International Development (OFID) has extended seven new loans this week totaling US$114.07 million in support of public sector projects in Africa, Asia and Latin America. The agreements were signed in Istanbul, Turkey by Mr. Suleiman J. Al-Herbish, OFID Director-General, and by the finance ministers of the beneficiary countries. Mr. Al-Herbish and an accompanying high-level delegation were in the country to attend the 2009 Annual Meetings of the World Bank Group and the International Monetary Fund, as well as related meetings, including some with ranking government officials from OFID partner countries.
The bulk of the financing will support projects aimed at bolstering the transportation sectors of the recipient countries. Two energy schemes, which plan on expanding poor communities’ access to a reliable supply of electrical power, will also receive a substantial portion of the financing. Another loan will be directed to the agricultural sector to help boost food security in impoverished rural areas.
The breakdown of the loans is as follows:
| Country | Project | Amount (US$mil.) |
| Ethiopia | Nekemte-Bedelle Road | 15.00 |
| Colombia | La Linea II (Centennial) Tunnel | 30.00 |
| Republic of the Congo | Rural Development in the Likouala, Pool and Sangha Departments | 7.00 |
| Haiti | Péligre Hydroelectric Plant Rehabilitation Program | 15.00 |
| Rwanda | Electricity Access Scale-Up | 10.00 |
| Mauritius | Terre Rouge Verdun Ebene Road (Phase II) | 8.07 |
| Paraguay | National Rural Roads Program (Phase II) | 29.00 |
| Total | 114.07 |
While some of the projects are already underway, implementation is expected to begin on the others shortly. On completion, numerous benefits will accrue to communities in the respective countries.
To date, OFID has provided more than US$11.1 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 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 OFID resources are helping to 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.