US$20 Million OFID Loan To Benefit 1.6 Million Kenyans

VIENNA, (UrduPoint / Pakistan Point News / WAM - 16th Feb, 2021) The OPEC Fund for International Development (OFID) has signed a US$20 million public sector loan agreement with Kenya to increase regional connectivity, enhance trade and improve the socio-economic welfare of about 1.6 million people.

The loan will finance the upgrading of the 90 km Samatar - Wajir Road, a part of the North and North-Eastern Development Initiative Programme. The programme will better connect Kenya’s northern region to the rest of the country, improving an important 739 km corridor linking Isiolo in the north with Mandera in the northeast (at the border with Ethiopia).

As with all OPEC Fund-financed projects, this investment aligns with the Sustainable Development Goals (SDGs) and with SDG 9 on industry, innovation and infrastructure in particular.

The OPEC Fund is co-financing the project with the Arab Bank for Economic Development in Africa, the Kuwait Fund for Arab Economic Development, the Saudi Fund for Development and the government of Kenya.

The OPEC Fund and Kenya have been development partners for nearly 45 years. The organisation has provided public sector financing totaling close to US$195 million (including the present loan) to help support the country’s agriculture, banking and financial services, communication, education, energy, financial, health, transportation and water and sanitation sectors.

OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. It is the development finance institution established as a channel of aid to developing countries.