OFID provides Uzbekistan with concessional loan

OFID provides Uzbekistan with concessional loan

BAKU, Azerbaijan, Feb. 26

By Ilkin Seyfaddini – Trend:

Uzbekistan and OPEC Fund for International Development (OFID) signed an agreement on a $54 million of concessional loan to Uzbekistan, in Vienna on February 26, Trend reports with the reference to Uzbek Ministry of Foreign Affairs.

The document was signed by Sherzod Asadov (Ambassador of Uzbekistan to Austria, Permanent Representative to the UN, OSCE and other international organizations in Vienna) and Director General of OPEC Fund for International Development Abdulhamid Al-Khalifa.

These funds will be used to finance a project to improve drinking water supply in 22 settlements of Yangikurgan district of Namangan region and the city of Namangan, the report says.

The project will create a water supply infrastructure that meets international quality standards, to provide clean drinking water to about 200,000 people in rural areas of Namangan region.

Established in 1975, the OPEC Fund, headquartered in Vienna, is an intergovernmental financial institution for development engaged in socio-economic support to developing countries.

Since 1999, this institution has implemented seven projects in the public sector of Uzbekistan for a total amount of about $80 million.

Of this amount, $47.2 million have been allocated for preferential crediting of projects in the sphere of drinking water supply and sanitation, $12.7 million for agriculture, $5 million for development of transport and education.

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Follow author on Twitter: @seyfaddini

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