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NEW DELHI: The Organisation of the Petroleum Exporting Countries (OPEC) Fund for International Development has granted $352 million in funding for global sustainable development projects. At the organisation’s 178th session of the Governing Board, held virtually on December 17, the funding was approved. Members of the Governing Board also looked back on a number of achievements made as part of the OPEC Fund Strategic Framework 2030. The Strategic Framework 2030, aims to diversify the OPEC Fund’s financial resources and give partner countries a larger development impact.
The new funding from the OPEC will also help fund a $25 million private sector effort to support infrastructure projects in Latin America and the Caribbean. The Dowa Town Water Supply and Sanitation Project received a $15 million loan to extend and modernise the existing water supply system in Malawi to satisfy current demand and expand supply. A $40 million loan, for the development of urban roads in Kenya’s five counties, was also authorised.
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