After singing the agreements with the relevant parties, Lutah said that loans will be distributed on Egypt $ 18 million, Morocco $ 20 million, Zambia $ 10 million, Cambodia $ 1.5 million, Madagascar $ 5 million, and finally Malawi $ 7 million. The loans will be used to finance various projects including roads construction, water and energy supply, and combating contagious diseases.
The OPEC Fund for International Development was established in January 1976 by the member countries of the Organization of the Petroleum Exporting Countries (OPEC). The Fund was established to support low-income countries in their efforts to make economic and social progress. It aims to promote cooperation between member countries of OEPC and other developing nations.
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OPEC Fund offers loans to six developing nations totaling to US 70 million
- United Arab Emirates: Tuesday, January 18 - 2005 at 16:06
- PRESS RELEASE
The OPEC Fund for International Development has approved a $ 70 million loan to six developing countries from Asian and Africa, said H.E. Jamal Lutah, chairman of OPEC Fund board of governors, and assistant undersecretary for industrial affairs at the Ministry of Finance and Industry.
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