The OPEC Fund for International Development (OFID) has announced that it is extending a $30 million financing 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.
Abdulhamid Alkhalifa, Director-General of OPEC Fund said that, “Reliable infrastructure is a precondition for complex supply chains and the ability to move goods and services across borders. This improves socio-economic opportunities, especially for rural communities. We are pleased to upgrade this vital connectivity link and look forward to further expanding our long-standing cooperation with Uganda.”
During a visit to Uganda by a group from the OPEC Fund, the OFID Director-General signed the loan agreement with Matia Kasaija, the Minister of Finance, Planning, and Economic Development for Uganda. The mission agenda included discussing potential new cooperation and visits to existing projects.
The Katine-Ochero road is located in the central-eastern region of Uganda in the Soroti district. The 70 km gravel road will be converted to paved road, providing better travel connections for the nearby rural areas and enabling faster and safer travel. The development will also benefit local small businesses by providing access to marketplaces and shops.
According to the reports, the OPEC Fund has given Uganda almost $290 million to help sustainable development, funding over 20 projects in the areas of energy, transportation, health, and education.
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
