Solar plant Kom Ombo secures US$114m to finance its construction

EGYPT – Kom Ombo, the largest private-sector solar plant in Egypt, has secured US$114 million package, through ACWA Power, from a group of banks to finance its construction. The deal was signed by the European Bank for Reconstruction and Development (EBRD), the OPEC Fund for International Development, the African Development Bank (AfDB), the Green Climate Fund (GCF), and the Arab Bank. The package includes loans of up to US$36 million from the EBRD, US$18 million from the OPEC Fund, US$17.8 million from the AfDB, US$23.8 million from the GCF and…

Read More

OPEC Fund signs US$15m loan to improve energy access in Madagascar

MADAGASCAR – The OPEC Fund for International Development (the OPEC Fund) has signed a US$15 million public sector loan agreement with Madagascar to co-finance the second phase of a project that will improve energy access in rural areas. The finance will be used for Madagascar’s ‘Integrated Growth Poles Energy Access Enhancement Project (Phase 2)’, which will install solar nano-networks, power lines and street lighting in isolated communities in the Diana and Atsimo-Andrefana regions. In addition, the project will improve 43 kilometre of roads and tourist sites on the small island…

Read More

OPEC Fund gives Burundi US$20m loan to strengthen food security

BURUNDI – The OPEC Fund for International Development (OFID) has signed a US$20 million public sector loan agreement with Burundi to co-finance a project that will improve food security, expand access to marketplaces and social services, and strengthen the resilience of agricultural production systems. More than 700,000 people in the central plateau region in Burundi are expected to benefit. Burundi is ranked 185th out of 189 countries on the 2020 United Nations Development Programme’s human development index, and eight out of ten people in the country live below the poverty…

Read More

OPEC Fund extends US$50m for poverty reduction in Tanzania

TANZANIA – The OPEC Fund for International Development (the OPEC Fund) has signed a US$50 million loan with Tanzania to finance the ‘Fourth Tanzania Poverty Reduction Project’.   The project will build rural infrastructure to boost economic opportunities and improve access to social services for more than 900,000 people. Although Tanzania has made progress in reducing poverty over the past decade, around 26 million people, close to half the total population live on less than US$1.90 per day.  The Tanzanian government has launched a number of programs to tackle this…

Read More

AFC secures US$50m loan from OPEC Fund to build infrastructure needed post-COVID recovery

AFRICA – The OPEC Fund for International Development has supported Africa Finance Corporation (AFC) with a US$50 million loan, the first direct financing co-operation between the two institutions, to help finance and build infrastructure needed for Africa’s post-COVID recovery. The OPEC Fund signed a cooperation agreement with AFC in 2017 and this loan marks the beginning of collaboration on the ground.  The proceeds of the 10-year loan to AFC will help address the continent’s infrastructure financing gap. According to Africa Global Funds, the loan will also support increased financial flows…

Read More

The OPEC Fund boosts sustainable agriculture in Malawi with US$20m development loan

MALAWI – The OPEC Fund for International Development (the OPEC Fund) has signed a US$20 million development loan agreement with Malawi to improve the livelihoods of around 1.3 million people living in rural areas. The financing will support the ‘Transforming Agriculture through Diversification and Entrepreneurship’ program, aligning with Sustainable Development Goal 2 on food security, improved nutrition, and sustainable agriculture. The objective of the program is to strengthen value chains and improve the resilience and capacity of Malawi’s smallholder farmers and rural organizations. The program will provide better infrastructure ,including…

Read More

OPEC Fund loans US$65M to DR Congo and Senegal for boosting food security

AFRICA – The OPEC Fund for International Development (the OPEC Fund) is providing two loans totaling US$45 million to help increase the supply of potable water and boost food security in the Democratic Republic of Congo (DR Congo). The OPEC Fund has also signed a US$20 million public sector loan agreement with Senegal to co-finance a project that will boost food security and incomes for around 300,000 people, with a strong focus on women and youth. For DR Congo, a US$30 million loan will support the Ozone Water Supply Project…

Read More