OPEC Fund extends USD 7 million loan to Burkina Faso

After singing the agreement with the ambassador of Burkina Faso to Austria, at the OPEC Fund's premises in Vienna, Lutah said that the loan will be used to finance a road project that links the capital Ouagadougou with surrounding areas, which in turn will enhance the trade between the capital and other regions of the country.

Lutah noted that the road project will cost thirty million dollars ($ 30 million) in total. Besides the OPEC Fund for International Development, other entities such as the Arab-African Bank, Kuwaiti Fund for Development, Arab Fund for Economic Development, and the local government will contribute towards the construction of this vital road.

Since 1996 the loans extended by the OPEC Fund to Burkina Faso have reached a total of one hundred and twenty two million dollars ($ 122 million), most of which are contributions towards the completion of public projects.

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.