Thu 19-05-2022 14:44 PM
VIENNA, 19th May, 2022 (WAM) -- The OPEC Fund for International Development has signed a US$25 million loan agreement with Corporación Interamericana para el Financiamiento de Infraestructura (CIFI) to finance the development of private sector infrastructure projects in Latin America and the Caribbean (LAC) region.
Dr. Abdulhamid Alkhalifa, OPEC Fund Director-General, said, "More investments are needed to meet the growing infrastructure needs of the region. Our cooperation with CIFI will promote private sector participation in infrastructure development, support mid-size projects across the energy, water and sanitation, transport, and telecommunications sectors, and improve the quality of life for citizens across the region. This is an important contribution to the Sustainable Development Agenda."
In Latin America and the Caribbean, the public sector finances approximately 60 percent of all infrastructure development.
OFID was established in January 1976 by the then 13 member countries of OPEC, including the United Arab Emirates. The development finance institution is established as an aid channel to developing countries.