The OPEC Fund for International Development (OFID) on Thursday, March 17, approved new funds worth $233 million, official sources have said.
The grants were approved at the 179th session of OFID’s Governing Board in Vienna.
The projects are expected to support economic recovery, help bring up new infrastructure, and boost food security, among other things.
Overall, they will reportedly benefit public-sector projects and promote sustainable development around the world.
In Kosovo
A $40-million loan for the Public Finances and Economic Growth Program will support the Kosovo government’s priorities set out in its National Development Strategy 2030.
The program, developed with the World Bank Group, will improve fiscal transparency, promote private sector development by streamlining the country’s regulatory framework, and enable environmental reforms in the energy and waste management sectors.
In Pakistan
In Pakistan, a $72-million loan for the Mohmand Dam Multipurpose Project will finance the construction of a hydropower dam and the provision of equipment.
The dam will have a 1.6 million m3 reservoir and diversion tunnels that will feed into new and existing irrigation canals.
Once completed, the dam will increase the country’s installed renewables capacity by 800 MW and provide sustainable potable water to 2 million residents in Peshawar city.
The project will also enhance food security through higher crop yields on almost 15,000 hectares of farmland, while improving the region’s resilience to floods.
In Uzbekistan
A $100-million loan for the Accelerating Uzbekistan’s Transition Program will support the country’s transition to a market economy by improving resource allocation and enabling private sector investment.
The program will promote competitiveness as a driver of successful markets, improve the management of state-owned enterprises, enhance fiscal transparency and accountability, and increase economic and social inclusion, particularly for women and people with disabilities.
In Zimbabwe
A $15-million loan for Zimbabwe’s Smallholder Agriculture Cluster Project aims to increase household incomes, and improve food security and nutrition of more than 390,000 people in five provinces of the country through value chain development and provision of infrastructure.
The OPEC Fund’s loan will finance the construction of small-scale, climate-resilient irrigation schemes, the repair of 90 kilometers of feeder roads and the installation of water supply and sanitation facilities.
Other projects
The Governing Board also approved three grants totaling $6 million for joint OPEC Fund technical cooperation facilities with three co-financing partners: the Asian Development Bank ($3 million), the Development Bank of Latin America ($1 million), and the European Bank for Reconstruction and Development ($2 million).
The facilities will primarily be used to finance project preparation related activities, such as feasibility studies, in order to help ensure improved project readiness, and build a strong pipeline of bankable sovereign and non-sovereign operations.
Potential sectors will include agriculture, energy, transportation, water & sanitation, and manufacturing and services.