PRESS RELEASE
OFID Governing Board approves new funds to boost socio-economic development
in Africa
The Governing Board of the OPEC Fund for International Development (OFID)
has approved seven loans and three grants totaling over US$100 million to
boost socio-economic development in 13 African countries
VIENNA, Austria, December 14, 2012/ — The Governing Board of the OPEC
Fund for International Development (OFID) (http://www.ofid.org), meeting in
its 141st Session, has approved seven loans and three grants totaling over
US$100 million to boost socio-economic development in 13 African countries.
The loans are as follows:
Country Project US$m
DR Congo Kinshasa Roads Network Rehabilitation. To pave around 13 km of
roads in Kinshasa city and install drainage works, thus affording the
population with a safer, less expensive and more efficient means of
travel.
Djibouti Support to the Economic Development Fund of Djibouti. To
help entrepreneurs start and/or expand their own businesses through the
issuance and management of around 500 loans to SMEs and young graduates.
Also planned is the provision of institutional support to the Development
Fund.
Egypt On-Farm Irrigation Development. To modernize irrigation
infrastructure in four governorates to improve water efficiency, increase
yields and boost incomes of smallholder farmers. This will, in turn, help
reduce poverty levels and increase food security for about 70,000
people.
Kenya Kenya Electricity Expansion. To provide the population
with access to modern, clean and affordable energy services through the
expansion and upgrading of energy-related infrastructure. This will result
in around 300,000 new connections for households, small businesses and
public institutions.
Madagascar Road Infrastructure Rehabilitation. To improve 105 km of roads
in the Atsimo-Andrefana region, an area with high poverty levels. The
rehabilitated roads will facilitate access to social services and
marketplaces, thereby contributing to rural poverty reduction by improving
the agricultural potential of the region, as well as helping boost the
tourism sector.
Madagascar National Institute for Accounting and Management Construction.
To build a seven-story facility that will expand the capacity of the
current institute by 400 enrolments. This will help strengthen the
country’s higher education sector, and in turn contribute to the overall
economic development of the country.
Sierra Leone Fourah Bay College Development. To enhance the quality of
higher education by expanding and rehabilitating existing facilities, thus
increasing admission levels and providing more opportunities for students
to secure good jobs.
Tanzania Orkesumet Water Supply. To provide potable water supplies
to around 43,000 people living in Orkesumet City and neighboring villages
through the construction of water-related infrastructure.
Three grants totaling over US$1.4 million were also approved at the meeting
in support of the following project/programs:
• African Rescue Committee. US$300,000. Integrated Livelihood and
WASH Support for Drought Affected Communities in Somalia. To improve access
to water, sanitation and hygiene services and improve productive
infrastructure for drought affected households, representing around 35,000
individuals.
• Austrian Development Agency. US$506,000. Southern African Solar
Thermal Training and Demonstration Initiative – Phase II. To promote the
application of solar technologies in Mozambique, Namibia, and Zimbabwe
through the provision of training and capacity building; awareness
campaigns; and, installation of solar demonstration systems in targeted
areas.
• World Health Organization. US$600,000. Water, Sanitation and
Hygiene Interventions for Cholera
Prevention and Control in Chad and Cameroon. To support a project that aims
at preventing cholera and other waterborne diseases for around 140,000
people.
Since its inception, OFID has committed over US$14.5 billion in much-needed
concessional development financing to 132 developing countries around the
world, with priority given to the poorest amongst them. Of these, 53 are
in Africa.
Distributed by the African Press Organization on behalf of the OPEC Fund
for International Development (OFID).
SOURCE
OPEC Fund for International Development (OFID)
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