OFID approves $264m in aid of 30 countries

During its 146th session here on Wednesday, the Governing Board of the OPEC Fund for International Development (OFID) approved fresh funding of nearly USD 264 million to boost socio-economic development in more than 30 partner countries. Of the new commitments, some USD 193 million will be channeled to 10 public sector loans and nine grants, according to a statement by the Fund. The bulk of the public sector funding will co-finance agriculture, transportation, education, energy, health and water supply and sanitation projects. Under OFID's private sector and trade finance programs, seven projects totaling USD 70 million were approved. The public sector loans include USD 11.22 million to the Burundi through the Enhanced Initiative Debt Relief Part II for the heavily indebted poor countries (HIPC); USD 35 million to China's Laibin Vocational Education; and USD 10 million to the Integrated Agriculture Rehabilitation Project in the Maniema Province, the Democratic Republic of Congo. They include USD 55 million to Egypt's Assiut Power Plant; USD 23 million to Ethiopia's Arba Rakati-Gelemso-Michata Road Upgrading Project-Lot 2 Gelemso-Michata; USD 10 million to the Completion of the Extension and Modernization of Bamako-Senou International Airport, Mali; and USD three million to the Neves Water Supply Project in Sao Tome and Principe.