Emirates News Agency – $ 20 million OFID loan benefiting 1.6 million Kenyans

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VIENNA, February 16, 2021 (WAM) – The OPEC Fund for International Development (OFID) has signed a $ 20 million public sector loan agreement with Kenya to improve regional connectivity, improve trade and improve the socio-economic prosperity of about 1.6 million people.

The loan will finance the modernization of the 90 km long Samatar Wajir Road, which is part of the North and Northeast Development Initiative program. The program will better connect Kenya’s northern region with the rest of the country and improve an important 739 km long corridor connecting Isiolo in the north with Mandera in the northeast (on the border with Ethiopia).

Like all projects financed by the OPEC fund, this investment is based on the Sustainable Development Goals (SDGs) and in particular on SDG 9 on industry, innovation and infrastructure.

The OPEC fund is co-financing the project with the Arab Bank for Economic Development in Africa, the Kuwait Fund for Arab Economic Development, the Saudi Fund for Development and the Kenyan government.

The OPEC Fund and Kenya have been development partners for almost 45 years. The organization has provided nearly $ 195 million (including the current loan) to the public sector for agriculture, banking and finance, communications, education, energy, finance, health, transportation – and to support the country’s water and sanitation sectors.

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

WAM / Rola Alghoul / Rasha Abubaker

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