Oil countries give Africa $60m to boost socio-economic development

Six African countries will receive a total loan and grants of $60.9 million from the Organization of Petroleum Exporting Countries (OPEC) in order to expand their socio-economic development frontiers.

OPEC’s Fund for International Development (OFID) Governing Board approved the funds on June 15, 2012 in Seefeld, Austria during its 139th Session.

The countries are DR Congo ($5 million), The Gambia ($12 million), Republic of Guinea ($7 million), Mauritania ($11.93 million), Uganda ($15 million) and Zambia ($10 million).

The loans and grants will cover the agriculture, education, energy, transportation and water supply sectors, the OFID said in a statement.

By Ekow Quandzie