US$320 million of new development funding from OPEC

Over US$320 million worth of new funding to the benefit of developing countries across the world, has been approved by the OPEC Fund for International Development, OFID.

This came during OFID's Governing Board 159th session held in Vienna recently during which OFID Director General Suleiman Jasser Al-Herbish noted that the loans underline the international organisation's commitment to the energy-water-food nexus as well as the transportation sector.

"OFID has made clear its readiness to mobilise all available means to support these sectors across the globe," Al-Herbish said. "The latest round of development funding was approved in line with our Corporate Plan 2016-2025, which has the energy-water-food nexus at its heart."

Under the public sector facility, which represents the backbone of OFID's financing operations, one third of the new development funding, i.e. $111 million, has been allocated to consolidate essential enterprises in areas of energy, water, agriculture, irrigation, and transport in seven low-income countries in Africa, Asia and Latin America.

All public sectors funding facilities are being conducted in collaboration with the governments of low-income nations and other development institutions to ensure synergy and maximise results to the best possible levels in order ensure sustainable development with the ultimate objective of eliminating poverty in these parts of the world, Al-Herbish added.

It's noteworthy that the UAE is an OFID member in addition to the Kingdom of Saudi Arabia and 11 more nations.