OPEC Fund and AFC to boost key Africa infrastructure
This follows the initial $50 million 10-year loan provided in January 2021
Vienna: The OPEC Fund for International Development (the OPEC Fund) and Africa Finance Corporation (AFC) have signed a $50 million loan agreement to finance the development of infrastructure across the continent. The proceeds of the 10-year loan will be used to improve connectivity, transport, logistics, trade and to boost access to energy across the African continent, OPEC Fund said in a statement. This follows the initial $50 million 10-year loan provided in January 2021.
“Africa continues to be a key region for the OPEC Fund, with more than 45 per cent of our aggregate financing dedicated to the continent,” said OPEC Fund Director-General Dr. Abdulhamid Alkhalifa. “Sustainable infrastructure development is key to unlock Africa’s vast potential and enable it to fully utilize its resources.”
“Working with local partners on the ground such as AFC helps to deepen our impact and support Africa’s development agenda.”
AFC President & CEO Samaila Zubairu said: “Developed and developing countries alike are battling the chronic challenges brought on by a wave of global shocks, and these challenges will only be solved by working together through partnership and engagement between the world’s leading finance institutions.” The collaboration between the OPEC Fund and AFC is targeted at increasing access to long-term sustainable finance for infrastructure projects.