VIENNA, (Pakistan Point News - 16th Dec, 2018) The OPEC Fund for International Development, OFID, has signed a US$60 million loan agreement with the Province of Cordoba, Argentina, to help improve health and living conditions in the region for around 418,000 people by building new sanitation systems.
The Cordoba Sanitation System Development Project targets four important areas in the Cordoba Province (Tanti, Sierras Chicas, Traslasierra and Cuenca Media), north-central Argentina. The project also aims to help reduce environmental pollution in the region and boost key economic activities such as agriculture and tourism.
The loan agreement was signed by OFID Director-General Dr. Abdulhamid Alkhalifa and Governor of the Cordoba Province Juan Schiaretti. The financing is in line with OFID’s support for the United Nations 2030 Agenda for Sustainable Development aimed at ending poverty in all its forms.
OFID has supported sustainable development in Argentina since 2010 and has so far committed US$230 million via public sector loans and trade finance.
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 Emirates.
