Finance institution the OPEC Fund for International Development (OPEC Fund) has approved new financing for African projects as part of its latest global funding round amounting to $1.2 billion.
The loans aim to enhance food, water and energy security, climate resilience and the mining and education sectors for economic growth.
“These investments in our partner countries will boost infrastructure and build resilience, delivering tangible benefits for the people and communities we serve,” stated OPEC Fund President Abdulhamid Alkhalifa.
The Ivory Coast will receive $60 million to improve public finance management and support decarbonization efforts in the transport and energy sectors, as part of the financing round. The Democratic Republic of Congo will benefit from a $30 million loan to improve access to potable water for rural communities.
Benin has secured $26 million to bolster food security through the Horticulture Development Support Project while Botswana will benefit from a $40 million loan to diversify the economy by funding initiatives in agribusiness, healthcare, education, ICT, finance and energy.
Mauritania, Senegal and Egypt will receive loans to strengthen the trade of strategic commodities. A regional development bank has also secured $40 million to support socio-economic development projects in four African nations.
