OPEC provides loan to Uzbekistan for $54M

Business Materials 26 March 2019 12:25 (UTC +04:00)

Baku, Azerbaijan, March 26

By Fakhri Vakilov – Trend:

The Board of Governors of the Fund for International Development (OFID) at the Organization of Petroleum Exporting Countries (OPEC) approved a project to provide drinking water to 22 settlements in the Yangikurgan region and part of Namangan, Trend reports with reference to the Ministry of Foreign Affairs of Uzbekistan.

"The total cost of the project will be $54 million. Its implementation is planned for 2020-2025. As a result, more than 200,000 mostly rural residents of Namangan region will be provided with clean drinking water. The OPEC OFID loan will be issued for 20 years with a five-year grace period," the press service of Foreign Ministry noted.

OFID is an intergovernmental development finance institution dedicated to the socio-economic support of developing countries that are not OPEC member countries.

The Fund is primarily engaged in assisting the poorest countries with low incomes and economic development. Assistance to such countries is provided within the framework of developed projects and adopted programs, through lending, subsidies to maintain the balance of payments, as well as the provision of grants for the development of trade, technology and research.


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