The OPEC Fund for International Development(OFID) has approved $310 million to benefit different developing countries across the globe, of which $140 million is targeted at improving the public sector in five African countries.
This finance disbursement program is in line with the organization’s goal of providing responsive and impactful development which will improve the lives of underserved people across the world.
Similar to the $85 million loan given to four African countries in October 2019, this newly-approved public sector loans, amounting to $140 million, will support five African countries in the following projects.
The Africa countries funded by OFID are Niger, Congo DR, Malawi, Uganda and Lesotho. Through these public-sector loans financing different disadvantaged areas, OFID will help stimulate economic growth and alleviate poverty in these African countries.
To improve the health and living conditions of about 118,000 people in Lesotho, OFID gave $30 million which will aid the construction of new water delivery and treatment infrastructures under the Lesotho Lowlands Water Development Project.
This funding combined with others from the European Bank and The World Bank will aid the completion of the cleaner water supplies which is critical to improving the quality of life of locals in Lesotho.
Originally published by Ventures.