Numerous projects in African nations are estimated to achieve multimillion-dollar funding from the OPEC Fund for International Development (OPEC Fund), which strives to inspire economic growth and social progression in low- and middle-income countries across the globe.
OPEC for Africa
In a discussion held on Wednesday, the OPEC Fund authenticated USD 352 million to aid several projects, inclusive of credit to small and medium-sized enterprises (SMEs), roads, electricity networks, water supply systems, schools, healthcare centres, and warehouses.
The schemes, which seek to enhance the living conditions of the local population, enhance household incomes and safeguard food security, will prove to be profitable chiefly to African nations, inclusive of Ghana, Côte d’Ivoire, Kenya, Lesotho, Rwanda, and Malawi.
A fragment of the funds will also be assigned to nations in the Americas, South-eastern Europe, and Central Asia, inclusive of Nicaragua, Turkmenistan, Dominican Republic, and Bosnia and Herzegovina.
In a statement, the OPEC Fund stated, the newly authenticated USD 352 funding will underpin the following public sector endeavours:
Ghana – USD 20 million loans for the Integrated Rural Development Project (Phase 2), which will extend the socio-economic infrastructure and enhance livelihoods for around 120,000 individuals in high-poverty districts. The funds will be utilized for building and equipping classrooms, teachers’ quarters, health facilities, drainage work, and market infrastructure, alongside providing credit to several SMEs.
Côte d’Ivoire – USD 60 million fiscal aids for the Northern Agro-Industrial Pole Project (2 PAI-Nord), which is inclusive of the rehabilitation and construction of rural roads, schools, healthcare facilities, warehouses, and collection centres, in conjunction with the infrastructure relating to fisheries and livestock production. It will enhance food security and household incomes for some 400,000 people and promote the export of cash crops.
Kenya – USD 40 million loans for the Development of Urban Roads in 5 Nations – Phase 1 project, which is estimated to facilitate trade, enhance access to social services and marketplaces, and improve employment prospects.
Malawi – USD 15 million loans are being dedicated to the Dowa Town Water Supply and Sanitation Project that will comprise the construction of a water treatment plant, a pumping station, and a 51-kilometre-long distribution pipeline, alongside the installations of new-fangled communal water points and the reintegration of the present ones.
Lesotho – USD 19 million loans for the Regeneration of Landscapes and Livelihood (ROLL) Project, which will enhance livelihoods, endorse the resource-utilization practice, and inhibit environmental dilapidation in over 2,200 villages populated by around 630,000 people.
Nicaragua – USD 23 million funding aid for the Empalme La Tronquera – Pueblo Nuevo Rural Road Project, which is inclusive of the enhancement of a 22kilometre road to facilitate the transport of crops to marketplaces and improve connectivity to social services and employment prospects.
Rwanda – USD 18 million funding aid for the Nyacyonga-Mukoto Road Project, which strives to upgrade a 36-kilometre stretch to enhance connections for 2.8 million people betrothed to economic activities that are inclusive of mining, agriculture, and tourism.
Turkmenistan – USD 45 million fiscal aids for the Marine Merchant Fleet Project. It is inclusive of the fabrication of three new-fangled vessels for rail, traveller, and dry cargo. Once operative, the new ships will enhance the utilization of the Turkmenbashi harbour on the Caspian Sea, a fragment of the Europe-Caucasus-Asia transportation strip and one of the major docks in the nation.
Dominican Republic – Financial assistance of USD 60 million for the Program to Expand Electricity Networks and Reduce Technical Losses in Distribution Systems. Public works will comprise the fabrication of new substations and logistics networks and the restoration of prevailing ones in provinces established in the east and north of the nation.
Bosnia and Herzegovina – USD 27.15 million funding aid for the Corridor Vc Motorway, Section Nemila-Donja Gracanica (Zenica North), which will enhance travel networks for around 150,000 people in the city of Zenica, the nation’s most chief centre for steel and mining production.