OPEC launches loan program for developing countries: report

The Organization of Petroleum Exporting Countries (OPEC) Fund for International Development is implementing a new loan program of 300 million US dollars for infrastructure projects in developing countries, a report issued in Kuwait said Saturday.

Fund Director General Sulaiman Al-Harbash said that the loan was offered for financing agriculture, transport and power projects.

He said the fund has signed 39.22-million-dollar loan agreements with Rwanda, Cameroon, Turkey and Egypt to finance road construction, irrigation and power plants in the countries.

In addition, another six agreements valued at 23.6 million dollars will be signed to finance projects in industry, transportation and housing in Mali, Pakistan, Senegal, Sri Lanka, Uzbekistan and Yemen, according to Al-Harbash.

He said that the OPEC development fund has still a 1-billion- dollar loan plan related to infrastructure projects in developing countries.

The OPEC Fund for International Development is an inter- governmental development finance institution established in 1976 by OPEC member states.

A total of 7.5 billion dollars had been offered to 119 developing countries in Africa, Asia, Latin America, the Caribbean region and Europe.

Source: Xinhua