OPEC Fund finances water and agricultural projects in DR Congo
10-11-2020 15:17:36 | by: Pie Kamau | hits: 5697 | Tags:

The OPEC Fund for International Development (the OPEC Fund) is providing two loans totaling $45 million to help increase the supply of potable water and boost food security in the Democratic Republic of Congo (DR Congo).

A $30 million loan will support the Ozone Water Supply Project to provide around 1.4 million people in western Kinshasa with clean drinking water. The project is expected to attract more investment into the area, create jobs and strengthen the local economy. The World Bank is a co-financier. 

A $15 million loan will finance the North Kivu Agriculture Sector Support Project to improve food security and incomes for more than 170,000 people. The OPEC Fund’s contribution will help rehabilitate more than 300 km of rural roads to open up access to marketplaces and reduce transport costs.  The International Fund for Agricultural Development is also financing the project. 

Abdulhamid Alkhalifa, Director-General, OPEC Fund: “This latest funding supports DR Congo’s development aspirations that include achieving food self-sufficiency, modernizing rural infrastructure and providing country-wide access to a clean water supply.  All the work we are financing aligns with the Sustainable Development Goals. We look forward to working with our partners in the near future to finance other economic sectors deemed a priority by the government.”    

The DR Congo government is co-funding both projects. To date, the OPEC Fund has approved more than $100 million in public sector lending to the country.