The OPEC Fund for International Development, OFID, has announced that it signed public sector agreements totaling US$81 million with four partner countries
VIENNA, (Pakistan Point News - 23rd Apr, 2019) The OPEC Fund for International Development, OFID, has announced that it signed public sector agreements totaling US$81 million with four partner countries.
The agreements were signed by OFID Director-General Dr. Abdulhamid Alkhalifa and ministers from the beneficiary countries - Burkina Faso, Ethiopia, Guinea and Malawi.
The public sector agreements will support Burkina Faso with US$19 million to upgrade 94 km Tougan Ouahigouya Road to promote trade, improve links between production zones and the capital Ouagadougou, and enhance access to social services for around 250,000 people; Ethiopia with US$22 million to upgrade Dilla-Bulle-Haro Wachu Road to improve a 68 km road that will enhance economic development in a region where agriculture is a Primary source of income. At least 730,000 people will benefit from improved access to social services and marketplaces.
The agreements will also provide Guinea with US$25 million to support the 'Family Farming, Resilience and Markets in Upper and middle Guinea' Programme, aiming to help alleviate poverty and enhance food security by upgrading infrastructure that will assist farmers in adopting more efficient technologies. The project is expected to benefit around 455,000 people.
OFID is also supporting Malawi with US$15 million to Shire Valley Transformation Programme, aiming to provide access to irrigation and drainage services, help secure land tenure, and strengthen wetlands management to increase agricultural productivity and commercialisation for about 56,000 smallholder families.
In addition, Dr. Alkhalifa also signed an Agreement for the Encouragement and Protection of Investment with Suriname. The agreement, which sets the framework for commencing private sector operations in the country, was co-signed by Suriname's Minister of Finance Gillmore Hoefdraad.
OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates.
