The OPEC Fund for International Development, OFID, has signed a US$25 million loan agreement to co-finance improved water and sanitation infrastructure in Cuba
VIENNA, (Pakistan Point News - 30th Jan, 2019) The OPEC Fund for International Development, OFID, has signed a US$25 million loan agreement to co-finance improved water and sanitation infrastructure in Cuba.
The loan was signed by Vice-President of the Council of Ministers of the Republic of Cuba Ricardo Cabrisas Ruiz, and OFID Director-General Dr. Abdulhamid Alkhalifa, at OFID’s Vienna headquarters.
The loan, alongside financing from the government of Cuba, will support the Las Tunas Province Water and Sanitation Project, Phase II, in line with governmental efforts to achieve United Nations Sustainable Development Goal 6, which calls for access to clean water and sanitation for all.
This new investment aims at expanding water infrastructure in the central/eastern province of Las Tunas, providing improved living standards for some 150,000 people. The project is also expected to strengthen local economic activities and tourism in the region.
OFID has a long history of working with Cuba. Since 2002, the organization has committed more than US$253 million to development operations in the country’s water and sanitation, agriculture and energy sectors.
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.
