Financial Energy Review
…..by Ben Ndubuwa..,
The OPEC Fund for International Development has announced new financing of $1.2 billion, aimed at supporting various developmental projects across Africa. This latest round of global funding focuses on enhancing food, water, and energy security, building climate resilience, and promoting growth in sectors such as mining and education.
OPEC Fund President Abdul Hamid Al Khalifa emphasized the significance of these investments, stating, “This investment in our partner countries will boost infrastructure and build resilience, delivering tangible benefits for the people and communities we serve.”
Several African nations are set to benefit from these funds:
Ivory Coast will receive $16 million to improve public financial management and support decarbonization efforts in the transport and energy sectors.
Democratic Republic of Congo will benefit from a $30 million loan aimed at improving access to potable water for rural communities.
Benin has secured $26 million to enhance food security through the Horticulture Development Support Project.
Botswanawill receive a $40 million loan to diversify its economy, with funds directed toward agribusiness, healthcare, education, ICT, finance, and energy sectors.
Mauritania, Senegal, and Egyp will receive loans to strengthen the trade of strategic commodities.
Additionally, a regional development bank has secured $40 million to support socioeconomic development projects in four African nations.
The approved financing is expected to foster long-term economic growth and improve the living conditions of millions of people across the continent.
