Tuesday 28 May 2024

Opec fund approves $270m aid

VIENNA, September 23, 2018

The board of governors of the Opec International Development Fund (OFID) has approved $270 million financing plan for projects supporting sustainable development in many developing countries worldwide.
OFID approved the new funding during the 54th session of the board, which approved the support of public sector projects in five countries worth about $154 million, said a Wam news agency report.
The approvals included seven grants for a number of civil society organisations such as the Arab Organization for Agricultural Development, the Institute for Cooperation in Development Projects, the German Foundation to Fight Hunger and the International Federation of Red Cross and Red Crescent Societies.
OFID approved $42 million for the private sector to help enhance the energy sector in Bangladesh and support a financial institution in Cambodia to expand its lending activities to micro-, small- and medium-sized enterprises. 
Under OFID’s trade finance operations, $70 million was approved to help boost the garment production industry in Jordan and support international trade activities in Bangladesh and Georgia.

Tags: Opec | fund | aid |

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