OPEC Fund approves a US 52 million loan to six developing nations

Published September 11th, 2005 - 06:30 GMT

H.E Jamal Lutah, Chairman of the Board of Governors of the OPEC Fund, and Assistant Undersecretary for Industrial Affairs at the Ministry of Finance and Industry has recently approved a US 52 million loan to finance projects in six developing nations.

After signing the agreement, Lutah said that loans will be used to finance various projects in transportation, health, education, social welfare services as well as water and energy supply.  The loans will include an allocation of $ 8 million for a transportation project in Vietnam, $ 10 million to the health sector in Angola, and $ 5 million to the energy sector in Djibouti. Bangladesh will receive $ 15 million for water development projects, Mali $ 10 million to the transportation sector and finally $ 4.5 million will be allocated for an educational project in Chad.

Lutah noted that these agreements come in line with OPEC Fund policy aiming at financing projects in key economic and social sectors among developing countries.

The OPEC Fund for International Development was established in January 1976 by the member countries of the Organization of the Petroleum Exporting Countries (OPEC). The Fund was established to support low-income countries in their efforts to make economic and social progress. It aims to promote cooperation between member countries of OEPC and other developing nations.

Beside the UAE, the countries that contribute to the OPEC Fund for International Development are; Saudi Arabia, Kuwait, Iran, Indonesia, Libya, Iraq, Algeria, Qatar, Nigeria, Venezuela and Gabon.

 


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