OFID Approves Over US$303 Million For Developing Countries
Faizan Hashmi Published March 16, 2019 | 10:45 AM
The OPEC Fund for International Development, OFID, has approved over US$303 million of new funding to benefit developing countries across the globe
VIENNA, (UrduPoint / Pakistan Point News / WAM - 16th Mar, 2019) The OPEC Fund for International Development, OFID, has approved over US$303 million of new funding to benefit developing countries across the globe.
The funding was approved at the 166th session of OFID’s Governing board at the organisation’s Vienna headquarters. Most of the approved funds will finance projects in the transportation, water and energy sectors.
The public sector loans, amounting to approximately US$225 million, will support the following countries; Honduras, Madagascar, Maldives, Senegal, Suriname, and Uzbekistan.
The Governing Board also approved a $300,000 grant for a project aimed at enhancing access to safe drinking water for the rural population in Chad’s pastoral areas.
US$80 million was approved under OFID’s private sector facility: EURO30 million (approximately $34 million) to help strengthen the energy sector in Benin; $30 million to help Nepal boost its energy sector; and $15 million to support micro-, small- and medium-sized enterprises and the renewable energy sector in Nepal.
OFID is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to the developing countries. The fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab of Emirates.
Related Topics
Recent Stories
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
Today Gold Rate in Pakistan 23 April 2024
Islam enlightened world with its teachings about knowledge: Dr Jamileh
Record London close as oil prices drop on easing Middle East fears
TV tower in Kharkiv struck as Russia captured village
LCCI language courses from May 1
Governor for service oriented governance in Punjab
Survivors tell of panic at C.Africa river boat disaster
Enrolment campaign, awareness walk held in Lower Chitral
“Say no to plastic- yes to tress” campaign kicks off in Attock
'PML-N secures people's trust in by-polls'
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago