The OPEC Fund for International Development (OFID) has approved more than $500 million in new financing for the final quarter of 2022, hitting one of the highest numbers for a quarter.
The 15 new projects approved for the quarter also reflected the fund’s launch of a $1 billion food security action plan and the adoption of its first dedicated climate action plan earlier this year, WAM reported.
The new financing deals will support infrastructure development and investments to improve communities in the fund’s partner countries around the world, according to an OFID statement published on its website.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said despite a very challenging year, the 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 recognise the need to accelerate support for sustainable development to ensure people’s livelihoods and well-being worldwide,” Alkhalifa said.
Among the financing deals approved include a $25 million loan to the Niger solar plant development and electricity access improvement project, a $38 million private sector loan to support construction of a 584 MW power plant in Bangladesh, a $20 million private sector loan to finance a 500 MW wind farm in Uzbekistan and a $60 million tranche financing facility to the Benaco-Kyaka transmission line project in Tanzania.
The financing deals supporting food security included a $14 million supplementary loan to support the ongoing agricultural development and market access support project in Benin, a $10 million loan to the special agro-industrial processing zone project to enhance food security in Liberia and $90 million loan to support infrastructure projects and import-export of agro commodities in Africa.
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