The OPEC Fund for International Development(OFID) has approved $310 million to benefit different developing countries across the globe, of which $140 million is targeted at improving the public sector in five African countries. 

This finance disbursement program is in line with the organization’s goal of providing responsive and impactful development which will improve the lives of underserved people across the world.

Similar to the $85 million loan given to four African countries in October 2019, this newly-approved public sector loans, amounting to $140 million, will support five African countries in the following projects. 

Niger

A total of $15 million was assigned to strengthen the resilience of rural communities against Food and Nutrition Insecurity. According to the Organization for Economic Co-operation and Development (OECD), about 20 percent of the population in Niger, approximately 2.7 million people, require urgent food support.

This funding will, however, help to enhance food security for more than 1.4 million people through the construction and rehabilitation of farming facilities, better rural marketplace infrastructure, amongst others. 

Congo DR

OFID gave the Democratic Republic of Congo a total of $45 million, the majority of the loan ($30 million) will be used to provide clean water supply for 1.4 million people living in western Kinshasa with clean drinking water. This will be achieved through the construction of a water supply infrastructure capable of producing 220,000 m3 of water per day.  

The remaining ($15 million) will be used to support the North Kivu Agriculture Sector and improve food security and incomes of more than 170,000 people. This will help the one-fifth of the population who are facing emergency levels of food insecurity.

Lesotho

To improve the health and living conditions of about 118,000 people in Lesotho, OFID gave $30 million which will aid the construction of new water delivery and treatment infrastructures under the Lesotho Lowlands Water Development Project.

This funding combined with others from the European Bank and The World Bank will aid the completion of the cleaner water supplies which is critical to improving the quality of life of locals in Lesotho. 

Malawi

With the allocated $20 million to support the transformation in agriculture through diversification and entrepreneurship, about 1.3 million people are to benefit from this funding. 

Also, it will support the Malawian value chain, whilst building the capacity of smallholder farmers and rural organizations with access to rural financial schemes and business development services.   

Uganda

A total of $30 million given by OFID will support smallholder oilseed producers around 120,000 households in about 53 districts in Uganda. 

The construction and repair of feeder roads, water harvesting mechanisms for crops and livestock, and supply chain development will also take place to enhance seed planting

Through these public-sector loans financing different disadvantaged areas, OFID will help stimulate economic growth and alleviate poverty in these African countries. 

Comments

Elsewhere on Ventures

Triangle arrow