The OPEC Fund for International Development, OFID, signed a US$75 million loan agreement with the Dominican Republic, on Thursday, to support growth and living standards by helping to improve access to energy.
VIENNA, (Pakistan Point News - 20th Dec, 2018) The OPEC Fund for International Development, OFID, signed a US$75 million loan agreement with the Dominican Republic, on Thursday, to support growth and living standards by helping to improve access to energy.
OFID’s Director-General Dr. Abdulhamid Alkhalifa signed the agreement with the Ambassador of the Dominican Republic Lourdes Gisela Antonia Victoria-Kruse. The loan will support the ‘Electricity Distribution Rehabilitation and Loss Reduction Programme – Phase III’.
OFID will co-finance the rehabilitation of approximately 1,048 km of power lines, targeting about 543,000 users in 21 distribution networks in the Dominican Republic. Associated community outreach plans aim to improve customer trust in the distribution networks, increase customer payment levels, reduce technical and non-technical losses, and help educate users on efficient energy use.
Access to affordable and clean energy is the focus of the United Nations Sustainable Development Goal 7 and part of Agenda 2030, which OFID wholeheartedly supports.
OFID has a long history of working with the Dominican Republic. Since 1977, the organisation has approved more than US$254 million to supporting development priorities in the Caribbean nation.
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.
