OFID Governing Board approves new loans and grants to boost socio-economic development

Report
from OPEC Fund for International Development
Published on 15 Jun 2012 View Original

Seefeld, Austria, June 15, 2012

OFID Governing Board approves new loans and grants to boost socio-economic development Seefeld, Austria, June 15, 2012. The Governing Board of the OPEC Fund for International Development (OFID), meeting in its 139th Session, has approved 13 loans and grants totaling nearly US$66 million to boost socio-economic development in over 34 partner countries. The loans, which will cover the agriculture, education, energy, transportation and water supply sectors, are as follows: (see the attached PDF)

Seven grants totaling almost US$5 million were also approved at the meeting. One will support a joint program with UNAIDS to scale up HIV/AIDS activities in 19 countries in Latin America and the Middle East and North Africa region, while another will co-finance Phase VI of a project that will provide assistance to 11 NGOs in Palestine. The Welfare Association will receive a grant in support of a youth employment scheme in the West Bank and Gaza Strip. Additionally, a food security program of the International Center for Agricultural Research in the Dry Areas will receive funding to help around 10,000 people living in rural communities in Nepal and Bangladesh. In line with OFID’s energy poverty alleviation activities, almost 800,000 people will benefit from three grants that will co-fund projects of the Shell Foundation, which will provide solar lighting and safe cooking stoves for households in Ethiopia, Honduras, Kenya, Malawi, Tanzania, Uganda and Zambia; of Practical Action, to enhance energy access in under-served villages in Malawi; and, of the Global Village Energy Partnership, which will provide hydropower to communities in Nyundo, Rwanda. Since its inception, OFID has committed over US$14.1 billion in much-needed concessional development financing to 132 developing countries around the world, with priority given to the poorest amongst them.