24 September 2007
BY A STAFF REPORTER
Khaleej Times (Dubai, United Arab Emirates)
ABU DHABI — The Opec Fund for International Development (OFID), in its last session held in Vianna, earmarked $155.21 million as loans to fund development projects, said Jamal Nasser Lottah, chairman of the governors board in OFID.
He said that the fund has allocated $81.71 million to support public projects, $48.5 million sanctioned for financing private projects, while $25 million has been approved to finance trade.
Lottah said that OFID has set an amount of $900,000 as grant as part of the policy drawn up to help the member countries in case of natural disasters and catastrophes. Regarding the sum earmarked as loans for public projects, Lottah said that seven countries including Egypt got $3 million whereas Bahrain received $15 million to support some private industrial projects that could play a pivotal role in the development.
Botswana got $20.59 million to carry out expansion work on its international airport, the Ivory Coast (Cote Devoir ) received $6 million for marine extension projects, Ethiopia got $20 million for electricity power transmission project, and Uzbekistan received $12 million for water projects.
The financial aid targeting private projects was given to five countries; Egypt, Bahrain, Albania $12 million for cement industries, Pakistan $15 million for chemical industries, and Uganda which received $3.50 million for boosting industry sector.
Morocco got a loan of $25 million for trade financing project. Lottah pointed out that all loans were meant for developmental purposes and laying the infrastructure.
Meanwhile, Jamal Nasser Lottah, chairman of the Opec fund's board of governors, last week signed 14 agreements for funding projects worth $134.9 million. He inked an $13 million agreement with Cambodia for road projects. Another agreement was signed with Burkina Faso to issue a grant of $7 million for agriculture schemes. Other further agreements signed with Gambia, Ghana, Guatemala, Madagascar, Sudan, Syria, and Yemen meant for funding different projects.
He said that the fund has allocated $81.71 million to support public projects, $48.5 million sanctioned for financing private projects, while $25 million has been approved to finance trade.
Lottah said that OFID has set an amount of $900,000 as grant as part of the policy drawn up to help the member countries in case of natural disasters and catastrophes. Regarding the sum earmarked as loans for public projects, Lottah said that seven countries including Egypt got $3 million whereas Bahrain received $15 million to support some private industrial projects that could play a pivotal role in the development.
Botswana got $20.59 million to carry out expansion work on its international airport, the Ivory Coast (Cote Devoir ) received $6 million for marine extension projects, Ethiopia got $20 million for electricity power transmission project, and Uzbekistan received $12 million for water projects.
The financial aid targeting private projects was given to five countries; Egypt, Bahrain, Albania $12 million for cement industries, Pakistan $15 million for chemical industries, and Uganda which received $3.50 million for boosting industry sector.
Morocco got a loan of $25 million for trade financing project. Lottah pointed out that all loans were meant for developmental purposes and laying the infrastructure.
Meanwhile, Jamal Nasser Lottah, chairman of the Opec fund's board of governors, last week signed 14 agreements for funding projects worth $134.9 million. He inked an $13 million agreement with Cambodia for road projects. Another agreement was signed with Burkina Faso to issue a grant of $7 million for agriculture schemes. Other further agreements signed with Gambia, Ghana, Guatemala, Madagascar, Sudan, Syria, and Yemen meant for funding different projects.
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