PR99230

VIENNA, Dec. 15, 2022 /PRNewswire＝KYODO JBN/ --

Setting a new record, the OPEC Fund for International Development has approved

more than US$500 million in new financing at the most recent meeting of its

Governing Board and in the final quarter of 2022.

The 15 new projects approved reflect the OPEC Fund's launch of a US$1 billion

Food Security Action Plan and the adoption of its first dedicated Climate

Action Plan earlier this year. In addition, new engagements will support

infrastructure development and investments to improve communities in the Fund's

partner countries around the world.

OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: "In a very

challenging year, the OPEC Fund was able to significantly increase its support

and strengthen its impact. Our new approvals will provide much-needed financing

to address urgent global issues such as food, energy and climate security in

line with our strategic priorities. At the same time, we recognize the need to

accelerate support for sustainable development to ensure people's livelihoods

and well-being worldwide."

The OPEC Fund Governing Board approved the following projects:

Promoting access to energy and renewable energy:

Niger: A US$25 million loan to the Niger Solar Plant Development and

Electricity Access Improvement Project will connect 80,000 households to the

national electrical grid through the construction and grid integration of a 10

MWp solar photovoltaic plant. The OPEC Fund will also co-finance the

construction of electrical transmission lines in the southern region of the

country and in the capital city Niamey.

Bangladesh: A US$38 million private sector loan will support the construction

of a 584 MW power plant, create more than 1,000 jobs and strengthen the

country's energy security.

Uzbekistan: A US$20 million private sector loan will contribute to the

financing of a 500 MW wind farm and 160 kilometers of transmission lines,

helping the country modernize its energy infrastructure.

Uzbekistan: Another US$20 million private sector loan will help finance a 500

MW wind farm and 128 kilometers of transmission lines.

Tanzania: A US$60 million tranche financing facility to the Benaco-Kyaka

Transmission Line Project will support the construction of more than 160

kilometers of transmission lines and a substation to deliver reliable energy

services from the national grid to the north-western region of the country.

Food Security:

Benin: A US$14 million supplementary loan will support the ongoing Agricultural

Development and Market Access Support Project, which is expected to benefit

more than 255,000 people, including smallholder farmers. The project will boost

farmers' income and strengthen food security and nutrition in rural areas.

Liberia: A US$10 million loan to the Special Agro-Industrial Processing Zone

Project will enhance food security and provide support to small and

medium-sized enterprises (SMEs).

Social infrastructure, international trade and MSME support:

Africa: A US$50 million loan to a regional multilateral development bank will

bolster infrastructure projects in countries across the continent.

Africa: A US$40 million loan to a private sector institution will support the

import and export of agricultural commodities and fertilizer across multiple

African countries.

Cote d'Ivoire: A Euro 70 million program-based loan will contribute to the

financing of the Economic and Social Reform Support Program. The budget support

is intended to promote reforms aimed at providing access to basic social

infrastructure for disadvantaged people.

Africa: A Euro 50 million loan to a regional multilateral development bank will

support SMEs and green energy projects in several West African countries.

Kyrgyz Republic: A US$15 million loan to the Reconstruction of the

Suusamyr-Talas-Taraz Road (Phase-IV) Project will support the reconstruction

and upgrade of a 93 km section of the road corridor, connecting the country

with neighboring Kazakhstan in order to promote regional trade and tourism.

Madagascar: A US$36.5 million financing package, consisting of a loan and a

US$1.5 million grant to the National Clean Cooking Transition Program will

provide clean cooking to 200,000 local households and help to replant 1,500

hectare of forest.

Mauritania: A US$40 million loan to the Kiffa Water Supply Project will

contribute to financing a water treatment plant, four pumping stations and more

than 300 kilometers of pipeline to deliver potable water to the country's

third-largest city Kiffa and the surrounding rural area.

Botswana: A US$20 million loan will support a private sector institution to

assist local micro, small and medium-sized enterprises, especially businesses

owned by women.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only

globally mandated development institution that provides financing from member

countries to non-member countries exclusively. The organization works in

cooperation with developing country partners and the international development

community to stimulate economic growth and social progress in low- and

middle-income countries around the world. The OPEC Fund was established in 1976

with a distinct purpose: to drive development, strengthen communities and

empower people. Our work is people-centered, focusing on financing projects

that meet essential needs, such as food, energy, infrastructure, employment

(particularly relating to MSMEs), clean water and sanitation, healthcare and

education. To date, the OPEC Fund has committed more than US$22 billion to

development projects in over 125 countries with an estimated total project cost

of US$187 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and

AA/Outlook Positive by S&P. Our vision is a world where sustainable development

is a reality for all.

Contact:  

Basak Pamir

T+43151564174

B.Pamir@opecfund.org

Logo - https://mma.prnewswire.com/media/1899865/OPEC_Fund_Logo.jpg

Source: OPEC Fund for International Development