Sat 22-09-2018 23:55 PM

OFID’s Governing Board approves over US$270m for operations in developing countries

VIENNA, 22nd September, 2018 (WAM)-- The Board of Governors of the OPEC International Development Fund (OFID) has approved US$270 million financing plan for projects supporting sustainable development in many developing countries worldwide.

OFID approved the new funding during the fifty-fourth session of the Board, which approved the support of public sector projects in five countries worth about US$154 million.

The approvals included seven grants for number of civil society organizations 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 US$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, US$70 million was approved to help boost the garment production industry in Jordan and support international trade activities in Bangladesh and Georgia.

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WAM/Tariq alfaham