DEVELOPMENT NEWS
Supporting critical infrastructure in Africa
A US$50 million OPEC Fund loan will boost economic growth and job creation
T he OPEC Fund for International Development and the Africa Finance Corporation (AFC) have signed a US$50 million loan agreement to finance the development of infrastructure critical to economic growth and job creation across the continent. The proceeds of the 10-year loan will be used to improve connectivity, transport, logistics, trade and to boost access to energy across the African continent. The loan doubles the OPEC Fund’s commitment to AFC following an initial US$50 million loan provided in January 2021, and builds on collaboration initiated through a cooperation agreement in 2017. The loan is aligned with SDG 9 – Innovation and Infrastructure, and SDG 17 – Partnerships for the Goals. “Africa continues to be a key region for the OPEC Fund with more than 45 percent of our aggregate financing dedicated to the continent,” said OPEC Fund Director- General Abdulhamid Alkhalifa. “Sustainable infrastructure development is key to unlock Africa’s vast potential and enable it to fully
do in developing critical infrastructure in Africa. Developed and developing countries alike are battling the chronic challenges brought on by a wave of global shocks, and these challenges will only be solved by working together through partnerships and engagement between the world’s leading finance institutions.” Africa’s economic growth has been slowed by global supply chain disruptions and rising costs in the aftermath of the COVID-19 pandemic, further widening the continent’s infrastructure funding gap. The collaboration between the OPEC Fund and AFC is targeted at increasing access to long-term sustainable finance for infrastructure projects. AFC is a multilateral financial institution with 39 member countries, established to provide financing and private sector- driven solutions for infrastructure in key sectors including power, transport, heavy industries, telecommunications and natural resources. To date, AFC has invested over US$11 billion in projects across 36 African countries.
utilize its resources. Working with local partners on the ground such as AFC helps to deepen our impact and support Africa’s development agenda.” AFC President & Chief Executive Officer Samaila Zubairu said: “AFC has enjoyed a long-standing partnership with the OPEC Fund and we are delighted to collaborate again to support the work we
Enhancing cardiovascular healthcare in Uganda
A US$20 million OPEC Fund loan will help build a new heart hospital
T he OPEC Fund for International Development is providing a US$20 million loan to Uganda to support the construction and equipment of the Uganda Heart Institute in the nation’s capital, Kampala. The loan is part of a US$73 million package put together by the Arab Bank for Economic Development in Africa, the Saudi Fund for Development and the government of Uganda. The Uganda Heart Institute will serve not only the four million people living in and near Kampala, but Uganda’s entire population of some 48 million. The new facility will offer specialized heart treatment services and improve
the efficiency and effectiveness of cardiovascular care. OPEC Fund Director-General
and early diagnosis of related health issues. According to the World Health Organization, 10 percent of the total annual deaths in Uganda from major non- communicable diseases are attributed to heart disease. Uganda is prioritizing healthcare in its National Development Plan, addressing inadequate medical infrastructure to reduce mortality rates and provide equal access to healthcare services. The OPEC Fund has partnered with Uganda since 1976, supporting development projects in financial, transportation, energy, agriculture and health sectors.
Abdulhamid Alkhalifa said: “Access to efficient and modern healthcare directly affects people's quality of life and socio- economic well-being. The new Uganda Heart Institute will provide a large capacity cardiovascular care facility with state-of- the-art equipment and essential supplies for the population.” Increasing access to cardiovascular services from 12,000 patients currently to over 60,000 patients per year, the institute will help reduce fatalities and healthcare costs, and allow prevention
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