The OPEC Fund for International Development, OFID, has signed public sector loan agreements totaling more than US$80 million on the sidelines of the World Bank Fall Meetings held 11th -14th October, in Bali, Indonesia.
VIENNA, (Pakistan Point News - 18th Oct, 2018) The OPEC Fund for International Development, OFID, has signed public sector loan agreements totaling more than US$80 million on the sidelines of the World Bank Fall Meetings held 11th -14th October, in Bali, Indonesia.
The agreements were signed by OFID Director-General Suleiman J Al-Herbish and ministers from the beneficiary countries.
Commenting on the newly-signed public sector loans, Al-Herbish said, "The three loan agreements support the health and transportation sectors, which are vital to sustainable development. The agreements also support OFID’s strategy of working in cooperation with developing country partners and the international community to stimulate economic growth and alleviate poverty through financing essential infrastructure, strengthening social services and promoting productivity, competitiveness and trade."
The public sector agreements will support Hohhot Healthcare in China with US$41.6 million. It will expand the Hohhot Mongolian Hospital of Traditional Chinese Medicine through the construction of a 700-bed medical and care centre for the elderly. The new facility will increase and improve in-patient capacity, and offer out-patient services for over 510,000 individuals per year.
The second is the International Road Corridor Cotonou-Niamey: Beroubouay-Malanville section (169.4 km) in Benin, West Africa with US$24 million. It will upgrade a stretch of road in an area inhabited by over one million people, thus help promote regional trade between Benin and its landlocked neighbors Niger and Burkina Faso.
The third loan agreement to Niger with US$15 million. It will rehabilitate Niamey Express Highway - a 9.6 km road connecting the Diori Hamami International Airport to the city centre - benefiting over 1.2 million people.
In a meeting with Johannes Hahn, Member of the European Commission, European Neighbourhood Policy and Enlargement Negotiations, Al-Herbish highlighted OFID’s activities. The commissioner spoke on the ongoing cooperation between the EU and the Arab Coordination Group Institutions, indicating he was seeking OFID’s support in enhancing cooperation with the Coordination Group in the Southern Mediterranean.
Hahn also underlined the need for additional support for United Nations Relief and Works Agency for Palestine Refugees in the Near East, UNRWA, owing to the agency receiving reduced funding, particularly for its education programs.
