The OPEC Fund for International Development has approved $290.2-million in financing to support development in four African countries. The decision was taken at the 195th meeting of the OPEC Fund governing board, and is part of $890-million in new financing approved for development projects in Asia, Europe, and Latin America and the Caribbean as well as in Africa. The beneficiary African countries were Botswana, Liberia, the Maldives, and Sierra Leone.

“At a time of heightened uncertainty and mounting developing pressures, the OPEC Fund is stepping up to deliver reliable, high-impact support,” assured OPEC Fund president Abdulhamid Alkhlalifa. “These approvals reflect the continued solidarity of our member countries and our shared commitment to protect hard-won development gains, expand opportunities and help communities move forward under challenging conditions. By investing in resilience and sustainable growth, we aim to make a tangible difference in people’s everyday lives.”

Botswana will receive a $170-million loan for its Governance and Economic Resilience and Support Programme. This is to augment fiscal sustainability, increase transparency and stimulate private-sector-led and inclusive growth. The programme will give youth- and women-led micro, small and medium-sized enterprises increased access to finance. The number of supported businesses will increase from some 900 in 2024 to 2 000 by the end of this year.

In Liberia, the Salayea-Konia road project would benefit from a $30-million tranche loan. The project will rehabilitate 50 km of a key route that links Bong county to the border with Sierra Leone. The rehabilitation will create an all-weather asphalt road that will cut travel time from 160 minutes to 45 minutes. It will benefit up to 300 000 people.

The Maldives will receive a $40-million loan for its Multi-Island harbour development project. This would rehabilitate and climate-proof harbour infrastructure on 14 islands, and consequently improve connectivity and boost fisheries and tourism.

Sierra Leone’s Rice Special Agro-Industrial Processing Zone will benefit from both a $50-million loan and a $200 000 grant. This funding will be used to develop a “climate-smart” hub, increase local production and so support rural livelihoods.

The OPEC Fund is the only global development institution that provides funding, contributed by member countries, to non-member countries only. Founded in 1976, it has since committed more than $32-billion to development projects in more than 125 countries.