OPEC Fund approves $163mln financing for power projects

The OPEC Fund for International Development has approved $163 million in financing for 5 energy access and renewable energy projects in Niger, Tanzania, Bangladesh and Uzbekistan. These form part of the 15 projects approved by the fund with more than $500 million of financing covering food security, social infrastructure, international trade and MSME support, OPEC Fund said in a press statement. OPEC Fund Director-General Abdulhamid Alkhalifa said: "Our new approvals will provide much-needed financing to address urgent global issues such as food, energy and climate security in line with our strategic priorities." The 5 projects are as follows: Niger: A $25 million loan to the Niger Solar Plant Development and Electricity Access Improvement Project will connect 80,000 households to the national electrical grid through the construction and grid integration of a 10 MWp solar photovoltaic plant. The OPEC Fund will also co-finance the construction of electrical transmission lines in the southern region of the country and in the capital city Niamey. Bangladesh: A $38 million private sector loan will support the construction of a 584 MW power plant, create more than 1,000 jobs and strengthen the country's energy security. Uzbekistan: A $20 million private sector loan will contribute to the financing of a 500 MW wind farm and 160 kilometres of transmission lines, helping the country modernise its energy infrastructure. Another $20 million private sector loan will help finance a 500 MW wind farm and 128 kilometres of transmission lines. Tanzania: A $60 million tranche financing facility to the Benaco-Kyaka Transmission Line Project will support the construction of more than 160 kilometres of transmission lines and a substation to deliver reliable energy services from the national grid to the north-western region of the country. In the area of infrastructure, the Fund has extended a $40 million loan to Mauritania for the Kiffa Water Supply Project, which includes a water treatment plant, four pumping stations and more than 300 kilometres of pipeline to deliver potable water to the country's third-largest city Kiffa and the surrounding rural area. A $15 million loan has been extended to Kyrgyz Republic for the Reconstruction of the Suusamyr-Talas-Taraz Road (Phase-IV) Project, which will support the reconstruction and upgrade of a 93-km section of the road corridor, connecting the country with neighbouring Kazakhstan in order to promote regional trade and tourism. Additionally, a $50 million loan has been extended to a regional multilateral development bank in Africa to bolster infrastructure projects in countries across the continent. (Writing by SA Kader; Editing by Anoop Menon) (anoop.menon@lseg.com)

OPEC Fund approves $163mln financing for power projects

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