VIENNA, (UrduPoint / Pakistan Point News / WAM – 05th Jul, 2020) The OPEC Fund for International Development, OFID, has signed a US$20 million loan agreement with the Republic of Mali to finance a road project that will improve links to economic centres and social amenities for around 2.7 million people.
The ‘Rehabilitation of the Sevare – Gao Road (Sevare – Bore Section)’ project will refurbish a 111 km stretch of road that comprises part of the National Road 16 in the Mopti region of central Mali. The project includes ancillary works, such as providing road lighting at village crossings and potable water wells, as well as the rehabilitation of rural access roads.
Opening up access and reducing travel costs will support key economic sectors that include agriculture, fishing and small business. The Arab Bank for Economic Development in Africa and the government of Mali are co-financing the project.
The rehabilitated road will facilitate further integration among various regions and increase trade, directly supporting Sustainable Development Goals 8 and 9 on decent work and economic growth, and industry, innovation and infrastructure, respectively.”
Including the present loan, the OPEC Fund has approved more than US$285 million for development operations in Mali, much of which has supported the transport and agriculture sectors. The partnership between the OFID and Mali dates back to the institution’s establishment in 1976 with approvals spanning all of the OPEC Fund’s finance windows – public sector, private sector and grants.
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.