OFID Governing Board approves new loans and grants to benefit 28 countries
The Governing Board of the OPEC Fund for International Development (OFID), meeting in its 137th Session, has approved over US$160 million in new loans and grants to pursue socio-economic development in partner countries. The loans are as follows:
The six approved grants total US$4.5 million. One grant will help fund a United Nations Relief and Works Agency project that will reconstruct the Samakh School for Girls in the Nahr el-Bared Camp in Lebanon. Another will co-finance an OFID/UNESCO (United Nations Educational Scientific and Cultural Organization) initiative Comprehensive Education Sector Responses to HIV/AIDS in West and Central Africa. Support will also be extended to Hilfswerk Austria International to strengthen food security of 600 rural families residing in 50 villages in Senegal. The Renewable Energy and Energy Efficiency Partnership will receive a grant aimed at providing sustainable and affordable energy sources in Cambodia, Tanzania and Ethiopia. Also receiving support is an IFAD (International Fund for Agricultural Development) program that will set up small-scale solar energy plants in São Tomé and Principe and Ghana. A grant to the Solar Electric Light Fund will provide electricity to some 104,000 residents in 44 villages in northeast Benin.
Since its inception, OFID has committed over US$13.5 billion in much-needed concessional development financing to 130 developing countries around the world, with priority given to the poorest amongst them.