Uche Cecil Izuora
Nigeria, Africa’s biggest oil producer was not listed among beneficiaries of in key project financing by the Organization of Petroleum Exporting Countries (OPEC) Fund for International Development (OPEC Fund) in the last quarter of 2024.
The OPEC Fund for International Development (OPEC Fund) reportedly approved close to US$1 billion in new development financing over the last quarter of 2024, including during its 190th Governing Board meeting in Vienna.
These projects will benefit countries across the globe and aim to bolster infrastructure, food security, renewable energy, economic resilience and governance in partner countries.
The OPEC Fund President Abdulhamid Alkhalifa said: “2024 has been a landmark year for the OPEC Fund, marked by a significant increase in project approvals and commitments across key sectors, helping to build resilience, develop sustainable infrastructure and address climate change.
The Funds latest round of financing reflects the OPEC Fund’s ongoing dedication to delivering impactful solutions that drive meaningful change for millions of people.
The Fund said it remains focused on working with partners worldwide to tackle today’s challenges and build a better tomorrow.”
According top the OPEC Fund most recently approved projects since September 2024 beneficiary countries in Africa include, Chad, Kenya, Senegal, Egypt among others.
In Chad our Correspondent report that a US$16 million loan will promote the Rice Farming Development Project in Chari-Logone, co-financed with BADEA. The project will benefit 2,000 households, with half the beneficiaries being women and youth, by enhancing agricultural productivity, rural infrastructure and agribusiness practices in selected provinces.
In Gambia, the Fund approved a US$20 million loan to fund the Rural Infrastructure Development Project (Phase 2), which will improve access to agricultural markets through enhanced rural infrastructure. The project will benefit local farmers and communities with interventions in agriculture value chains and improved connectivity to markets.
In addition the Fund approved a US$60 million loan to fund the Senegal Food Sovereignty Strategy Support Project to enhance agricultural productivity, climate resilience and market access for 220,000 households with a focus on women and youth, while a US$30 million loan and a $2 million grant will support the Livestock and Livelihoods Development Program in Sierra Leone.
This initiative will enhance livestock productivity, establish small and medium-sized enterprises and improve nutrition and income for rural communities. It is expected to create some 20,000 new jobs along the agricultural value chain and contribute to sustainable agricultural development.
Côte d’Ivoire receives €35 million loan to a local bank will support on-lending to small and medium-sized enterprises (SMEs), addressing a financing gap for local companies. The loan will improve SMEs’ access to finance, fostering economic growth and job creation. Small enterprises represent nearly all businesses in Côte d’Ivoire.
Also, a €50 million participation in a trade finance facility will support the country’s procurement and export of traceable cocoa, benefiting one million producers and five million people reliant on the cocoa sector.