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STATEMENT: OPEC Fund approves more than $600 million in new financing for global development

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STATEMENT: OPEC Fund approves more than $600 million in new financing for global development

(Information sent by the signatory company)

VIENNA, Dec. 14, 2023 /PRNewswire/ -- OPEC Fund for International Development (OPEC Fund) has approved more than $600 million in new development financing at its Governing Board meeting today and in the last quarter of 2023.

The 18 new projects reflect the OPEC Fund's commitment to promoting sustainable social and economic development in its partner countries. The new funds will support projects in the transport, health, education and energy sectors, promote climate action and food security, and strengthen international trade.

OPEC Fund Director General Abdulhamid Alkhalifa said: "In 2023 we continue to strengthen our impact and increase commitments in support of sustainable social and economic development in our partner countries around the world. The new projects approved today will empower communities and "They will improve living conditions for millions of people, while promoting climate resilience, food security, international trade and improved health and education services."

The OPEC Fund Governing Board approved the following projects:

Public sector operations:

China: A $50 million loan will support funding for the Jiangxi Vocational Education Project to expand and strengthen vocational education in Jiangxi Province and provide market-oriented education to about 5,000 students each year.

Comoros: A $17 million loan will co-finance the El-Maarouf Hospital Project, improving existing hospital infrastructure and expanding its capacity by 300 beds to provide modern health services to the population of the island state.

Liberia: A $20 million loan will support the Mano River Union Road Development and Transportation Facilitation Project (Liberia Section). Improving existing road infrastructure will facilitate trade between Liberia and Sierra Leone by reducing travel times and increasing trade volumes.

Madagascar: A loan of 30 million dollars will support the co-financing of the Trade Corridors Facilitation Project, which will allow the interconnection of the southern region of the Island and integrate road and maritime commercial networks. This will increase access to remote areas, increase economic activity and improve living conditions.

Malawi: A $20 million loan will co-finance Phase II of the Shire Valley Transformation Programme, which will provide access to sustainable irrigation services and promote the commercialization of agricultural production in southern Malawi to the benefit of almost 50,000 households and smallholders. farmers.

North Macedonia: A €50 million loan will co-finance a Sustainability and Resilience Program for the implementation of policy reforms to promote climate action in the energy and financial sectors, strengthen the sustainability of public finances and safeguard the stability of the financial sector .

Paraguay: A loan of 50 million dollars will co-finance the Rehabilitation, Improvement and Maintenance Project of National Route PY22 (Concepción Vallemi-San Lázaro) and Access Roads. This will improve the connection between the Port of Vallemi and the city of Concepción, promoting regional integration and trade.

Senegal: A loan of €38.03 million will co-finance the Cities Modernization Programme, which will develop urban roads and improve social and economic infrastructure in the six cities Podor, Richard-Toll, Ourossogni, Mékké, Dahra and Kébémer.

Tajikistan: A $10 million loan will co-finance the Guliston-Farkhor-Panj-Dusti Highway Reconstruction Project (Phase 1) to improve the efficiency and quality of Tajikistan's road network and promote the country's potential for international transit traffic.

Tanzania: A $41 million loan will co-finance the Kagwira-Karema port road improvement project (Kasekese-Karema section). Improved transport infrastructure will raise living standards in the Katavi region in the western part of the country by unlocking economic opportunities in trade, agriculture, fishing and tourism.

Turkey: A $50 million loan to the Turkish Development and Investment Bank (TKYB) will co-finance a Food Security and Resilience Project that will provide immediate financial support to the agricultural and food production sectors, particularly in provinces affected by the earthquakes of February 6, 2023.

Trade and private sector financing operations:

Armenia: A $20 million loan to an Armenian bank will support on-lending to micro, small and medium-sized businesses, including women-owned businesses and climate projects in the country.

Azerbaijan: A $50 million loan to ACWA Power Wind Azerbaijan Renewable Energy will support the construction of a 240 MW Khizi-Absheron wind power plant, strengthening electricity supply, diversifying the energy mix and reducing carbon emissions.

Bangladesh: A $30 million loan to a local bank will support international trade by providing financing to importing and exporting companies, especially in the agriculture and green energy sectors.

Nepal: A $25 million loan to a local bank will increase access to finance for micro, small and medium-sized businesses, including women-owned businesses and climate-smart projects.

Uganda: A $25 million loan to a power company will help build a 42 MW river hydroelectric plant.

Uzbekistan: A $35 million loan to a local bank will support food security and climate action projects.

Regional Africa: A $40 million share of a trade finance facility will promote international trade in agricultural products and benefit at least 600,000 smallholder farmers in sub-Saharan Africa.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only development institution with a global mandate that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with partners in developing countries and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was created in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centred and focuses on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly in relation to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than $24 billion to development projects in more than 125 countries with a total estimated cost of $190 billion. The OPEC Fund is rated AA/Stable Outlook by Fitch and AA, Positive Outlook by S


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