VIENNA, 16th April, 2020 (WAM) -- The OPEC Fund for International Development, OFID, Governing Board has approved more than US$390 million of new funding to support operations in developing countries across the globe.

At the virtual 171st Governing Board session, the Board also endorsed a number of key decisions related to the implementation of the organisation’s Strategic Framework, which is enabling the OPEC Fund to maximise its development impact on the ground, OFID said in a statement on Thursday.

The OFID Board also endorsed a comprehensive action plan that will ensure the OPEC Fund remains a reliable and responsive development partner as the COVID-19 pandemic continues to unfold.

OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said, "We recognise that many of our partners are refocusing efforts and resources to contain and mitigate the impact of COVID-19. We are committed to supporting them to do precisely this."

The public sector loans approved by the Governing Board, amounting to US$130.5 million, to support multiple projects including a $20 million loan for Egypt to support sustainable transformation for agricultural resilience in the country's upper regions.

The Maldives will also see a $20 million loan to help the country's Public Sector Investment Programme Emergency Loan; and Mali with $20 million to rehabilitate the Sevare - Gao Road (Sevare - Bore Section).

OFID noted that Nicaragua will receive funding of $20.5 million enhance energy access in remote communities in the southern Caribbean coastal region, where poverty levels are among the highest in the country, and Tanzania with $50 million to build infrastructure for education, health, water, agriculture and transportation, and implement income-generation projects in animal husbandry and vegetable growing.

Under the OPEC Fund’s private sector operations, the Governing Board approved new projects amounting to $141.5 million, of which $16.5 million will strengthen energy provision in Bangladesh and $30 million will support on-lending to India’s renewable energy sector via a financial institution.

In addition, $50 million in subordinated debt to a financial institution will strengthen the institution’s capital base and be used to support women-owned micro, small and medium-sized businesses and low and middle-income housing projects in Colombia. $45 million will help expand public transport services in a municipality in Turkey.

Under the OPEC Fund’s trade finance operations, $120 million was approved, comprising two unfunded risk sharing programs totalling $100 million; and $20 million to support food commodity trade in Africa.

OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates. It is the development finance institution established as a channel of aid to developing countries.