The OPEC Fund for International Development (OFID) and Uzbekistan have signed a country partnership framework agreement for the period 2024-2029, earmarking $500 million in new financing to support the country’s ambitious sustainable development agenda.
The OPEC Fund is also extending a new $20 million loan to support a key preschool education project by the government, setting up 200 preschools for almost 30,000 children across the Central Asian country.
The project is co-financed by the Islamic Development Bank and private sponsors. The government’s goal is to achieve universal preschool enrollment by 2030.
OPEC Fund President Abdulhamid Alkhalifa said that, “The development of a modern preschool education system is crucial for future economic growth and building human capacity. We are proud to join the government’s efforts and support its ambitious aspirations to become an upper middle-income country by 2030.”
To date, the OFID has provided around $760 million in loans to support nearly 30 public and private sector projects in Uzbekistan. Around 30 percent of sovereign funding has been dedicated to improving water and sanitation, whereas private sector engagements have focused on transforming Uzbekistan’s energy sector and promoting renewable energy.
Earlier this year, the OPEC Fund for International Development announced an extra $30 million fund in order to support the development of a vital transportation connection in Uganda.
The country’s central-east will have better, quicker, and safer transportation options due to the renovation of the Katine-Ochero road. The new project will be co-financed by the Islamic Development Bank (IsDB) and the Ugandan government.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
