Enyichukwu Enemanna
The Organisation of Petroleum Exporting Countries Fund for International Development (OPEC Fund) and Africa Finance Corporation (AFC) have signed a $50 million loan agreement for the funding of infrastructural development across the African continent.
The 10-year loan facility 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 on Saturday.
The Fund had in January 2021 provided an initial $50 million 10-year loan
“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.”
According to the President & CEO AFC, Samaila Zubairu, “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
