The OPEC Fund for International Development has signed loan agreements totalling US$69.6 million to finance projects in five African countries. Burkina Faso, Ethiopia, the Gambia, Niger and Sierra Leone will benefit from investment in energy, education, health, transport, water, and agriculture.
Ethiopia will receive $20 million to pursue an Energy Access Project which aims to establish a sustainable program for expanding the population's access to electricity and improving the quality and adequacy of electricity supply. The project will also reduce environmental degradation and improve energy end-use efficiency.
Niger will receive two loans of $18.36 million for a “Road Rehabilitation Project” and a “Rural Development Programme”. The former will look to improve maintenance of the country's existing road system by re-gravelling around 20 unpaved roads and indentify the main environmental problem in Niger of land desertification due to droughts and continuous human expansion.
Sierra Leone are set to receive $19 million for a Water Supply and Sanitation Project which aims to provide improved access to adequate, safe and reliable water supply and public sanitation services for Bo, Kenema and Makeni. The Sierra Leone Water Company (SALWACO) will look to improve sanitation facilities at schools, health centres and public places as well as undergoing their own institutional reforms alongside increasing capacity.
Other funding includes a $7.5 million loan to co-finance the Ziniaré Regional Health Centre Project in Burkina Faso and the Gambia will obtain $5 million for the University of the Gambia Project.
All five projects will be co-financed by the concerned governments and a number of international institutions, including the African Development Bank, the Arab Bank for Economic Development in Africa, the International Development Association, the International Fund for Agricultural Development and Banque ouest-africaine de développement.
Suleiman J. Al-Herbish, Director General, OFID, said that Africa “will continue to grow, in view of the needs of the continent.” OFID’s financial assistance to Africa amounted to $737 million or 54 percent of the institution’s total commitments.
To read related articles, click below:
Africa's economic development linked to rise in cancer
Greenpeace encourages South Africa to adopt solar power
Ethiopia will receive $20 million to pursue an Energy Access Project which aims to establish a sustainable program for expanding the population's access to electricity and improving the quality and adequacy of electricity supply. The project will also reduce environmental degradation and improve energy end-use efficiency.
Niger will receive two loans of $18.36 million for a “Road Rehabilitation Project” and a “Rural Development Programme”. The former will look to improve maintenance of the country's existing road system by re-gravelling around 20 unpaved roads and indentify the main environmental problem in Niger of land desertification due to droughts and continuous human expansion.
Sierra Leone are set to receive $19 million for a Water Supply and Sanitation Project which aims to provide improved access to adequate, safe and reliable water supply and public sanitation services for Bo, Kenema and Makeni. The Sierra Leone Water Company (SALWACO) will look to improve sanitation facilities at schools, health centres and public places as well as undergoing their own institutional reforms alongside increasing capacity.
Other funding includes a $7.5 million loan to co-finance the Ziniaré Regional Health Centre Project in Burkina Faso and the Gambia will obtain $5 million for the University of the Gambia Project.
All five projects will be co-financed by the concerned governments and a number of international institutions, including the African Development Bank, the Arab Bank for Economic Development in Africa, the International Development Association, the International Fund for Agricultural Development and Banque ouest-africaine de développement.
Suleiman J. Al-Herbish, Director General, OFID, said that Africa “will continue to grow, in view of the needs of the continent.” OFID’s financial assistance to Africa amounted to $737 million or 54 percent of the institution’s total commitments.
To read related articles, click below:
Africa's economic development linked to rise in cancer
Greenpeace encourages South Africa to adopt solar power
