"OPEC Fund" It finances development projects in El Salvador worth $100 million
Vienna, October 10, 2017 – The OPEC Fund for International Development agreed to provide financing worth $100 million to the Republic of El Salvador, to support priority investments in the areas of tourism, infrastructure, agriculture, and enhancing rural livelihoods, according to two loan agreements signed by the two sides.
Dr. Abdul Hamid Al-Khalifa, Chairman of the OPEC Fund for International Development, who signed the two agreements with Gerson Posada, Minister of Finance of the Republic of El Salvador, affirmed the OPEC Fund’s commitment to financing strategic infrastructure projects in El Salvador.
A statement issued by the Fund’s headquarters in the Austrian capital, Vienna, stated that the first agreement relates to financing the second phase of the “Surf City” program, at a value of 70 million euros, to develop the coast overlooking the Pacific Ocean and transform it into a global tourist destination, while enhancing the ability of the infrastructure to adapt to climate change along the coastal corridor “La Libertad”, provided that this includes the rehabilitation of about 23 kilometers of roads and the expansion of systems. Sewage and waste water.
The Fund noted that the second agreement, worth $30 million, aims to enhance income and food security for about 74,000 rural families, by encouraging climate-smart agriculture, improving access to markets and rural infrastructure, with attention to benefiting women, in addition to providing special support to youth in a way that contributes to creating job opportunities and supporting comprehensive economic growth.
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