(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Sept 20 (KUNA) -- The 160th Session of the Governing Board of the OPEC Fund for International Development (OFID) has approved about USD 250 million of new development funding to benefit developing countries across the globe. Much of the funding is directed toward improving the water and sanitation, and energy sectors, of the organization's partner countries, said OFID Director-General Suleiman Al-Herbish Wednesday.
"Water and energy form part of OFID's strategically critical nexus, along with food," Al-Herbish added. "This nexus is about recognizing that these three sectors are intrinsically linked and that issues in one sector cannot be addressed in isolation." "OFID has made clear its readiness to fund projects on the ground in support of energy, water and food projects in developing countries across the world. We are fully committed, more generally, to supporting all 17 of the United Nations' Sustainable Development Goals. This new funding demonstrates our determination and will support improvements to the living standards of some of the most vulnerable people on our planet," he said.
OFID's newly-approved public sector loans, which total nearly USD160 million, will support four vital projects; Argentina Gran Tulum Water Supply; Cأ´te d'Ivoire Rehabilitation of Cocody Bay; Cuba Solar Energy Development and Egypt Rehabilitation of Irrigation and Drainage Pumping Stations.
Other approvals include eight grants totaling USD 4.32 million.
Under OFID's private sector facility, three financing facilities totaling USD 60 million were approved, one to help increase the generation of electricity in Bangladesh, while another will support a financial institution in Lebanon in expanding its lending to small- and medium-sized enterprises (SMEs). Also approved was an equity participation in a regional bank to help it meet the trade and infrastructure finance needs of its member countries in the Africa region.
Under OFID's trade finance operations, USD 25 million was approved to help finance international trade activities in Georgia. (end) amg.amm.msa
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