OFID signs US$40m transport loan with Belize

VIENNA, Austria, The OPEC Fund for International Development, OFID, has signed a US$40 million loan agreement in support of an important road rehabilitation project in the Central American country.

Suleiman Al-Herbish, OFID Director-General, signed the agreement with Belizean Prime Minister and Minister of Finance Dean Barrow, where Al-Herbishhighlighted the longstanding partnership between OFID and Belize, which began three decades ago with a loan to rehabilitate the Belize International Airport.

Subsequent public sector commitments total over US$131 million, explained Al-Herbish, of which nearly two-thirds had been directed toward enhancing the country’s transport sector. The present loan agreement underlined OFID’s support of the government’s development priorities and Al-Herbish assured Prime Minister Barrow that the institution would maintain its well-established cooperation.

Prime Minister Barrow expressed his appreciation for OFID’s longstanding support since 1988 and said the current project � an all-weather road to Caracol in the Cayo District of Belize, an area heavily reliant on agriculture and tourism � would be a “monumental achievement” and a “leap forward” in terms of its positive impact on the country’s tourism and agriculture sectors.

The newly-signed loan will co-finance, along with the government, the upgrading of a 42.5km stretch of the Caracol Road. The improved road will help ease travel constraints and boost income-generation, helping to reduce poverty for around 30,000 people and bringing indirect benefits to some 50,000 people.

OFID is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to the developing countries. The Fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab of Emirates.

Source: Emirates News Agency

Related Posts