OPEC Fund approves $46m loan to boost Africa’s socio-economic growth

The Governing Board of the OPEC Fund for International Development (OFID) has approved $46 million worth of loans and one grant to pursue socio-economic development in seven African countries.

The Fund made the approvals at its 138th Session in Vienna, Austria April 12, 2012.

According to a statement issued by the OFID, countries receiving the loans are Chad ($12 million), Republic of Congo ($5 million), Lesotho ($3 million), Malawi ($10 million), Senegal ($6 million) and Sierra Leone ($10 million).

Sudan will get a grant of $600,000 to help upgrade a Radiation and Isotopes Center in Khartoum, the statement indicated.

Since its inception in 1976 by the Member Countries of the Organization of the Petroleum Exporting Countries (OPEC), OFID have committed over $13.8 billion in much-needed concessional development financing to 132 developing countries around the world, with priority given to the poorest amongst them.

By Ekow Quandzie