OPEC Fund Signs New Development Loan With Maldives

The Director-General of the OPEC Fund for International Development, the OPEC Fund, Dr Abdulhamid Alkhalifa has signed a development loan in support of a major water supply and sewerage project during a high-level mission to Malé, Republic of Maldives

VIENNA, (UrduPoint / Pakistan Point News / WAM - 24th Jan, 2020) The Director-General of the OPEC Fund for International Development, the OPEC Fund, Dr Abdulhamid Alkhalifa has signed a development loan in support of a major water supply and sewerage project during a high-level mission to Malé, Republic of Maldives.

According to a statement issued by the Fund, the US$50 million loan was signed with the Maldives’ Minister of Finance Ibrahim Ameer and will fund the Outer Islands Harbours, Water Supply and Sewerage Facilities Project.

The government of the Maldives is co-financing the project, which costs a total of US$62.25 million, and planned work includes building water supply networks and sewerage systems, as well as improving harbour infrastructure that will boost tourism and other economic opportunities.

Around 20,000 people on 13 outer islands are expected to benefit. The harbour works will rehabilitate and upgrade priority infrastructure, better serving outer islands that have been economically marginalised despite their substantial potential for economic and social development.

To date, the OPEC Fund has approved 23 Public Sector loans to the Maldives totalling more than US$209 million. Supported projects include those in the transport, water and sanitation, agriculture, banking and financial services, telecommunications, health and education sectors. The Maldives has also benefited from the OPEC Fund’s Private Sector, Trade Finance and Grants financing.