Bloomberg/Stefan Wermuth

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OFID approves over $303 million for developing countries

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Around $225 million public sector loans will be used to support Honduras, Madagascar as well as Maldives, Senegal, Suriname and Uzbekistan.

Sunday 17, March 2019 BY KUDAKWASHE MUZORIWA

The OPEC Fund for International Development, OFID, has approved around $303 million of new funding to benefit developing countries across the globe and most of the approved funds will finance projects in the transportation, water and energy sectors, according to local newswire, WAM.

The Governing Board also approved $80 million under OFID’s private sector facility and around $34 million to help strengthen the energy sector in Benin.

OFID is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to the developing countries.

TAGS : OFDI, OPEC

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