Middle East & North Africa

OFID supports potable water supplies in Argentina

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The OPEC Fund for International Development, OFID, has signed a US$50 million public sector loan agreement with Argentina to co-finance the second phase of the Desvio Arijon Water Supply project.

VIENNA, Oct 23 2018 - The OPEC Fund for International Development, OFID, has signed a US$50 million public sector loan agreement with Argentina to co-finance the second phase of the Desvio Arijon Water Supply project.

The agreement was signed by OFID Director-General Suleiman J Al-Herbish and Argentina’s Minister of Economy of the Santa Fe Province Gonzalo Saglione.

Al-Herbish highlighted that this project is in line with Argentina’s National Development Plan 2016-2020 as well as with the Provincial Strategy Plan of Santa Fe, Vision 2030, in which the government of Santa Fe defines access to water as a basic right. The project is also in line with OFID’s mandate to alleviate poverty and its commitment to continue supporting adequate water infrastructure.

Al-Herbish noted that this latest loan will provide 122 km of pipelines to connect the Desvio Arijon water purification plant with the city of Rafaela and surrounding towns, benefitting more than 220,000 people.

On behalf of the Province of Santa Fe, Saglione indicated that this project is crucial for residents, and expressed his appreciation for OFID’s continued support.

All of OFID’s public sector loans to Argentina have targeted the country’s water and sanitation sector, in line with the organisation’s strategic focus on the energy-water-food nexus approach to sustainable development. Cumulatively, OFID has approved US$150 million in public sector lending to Argentina, in addition to US$20 million through its private sector window.

OFID is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to the developing countries. The fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab of Emirates.

[Image credit: OPEC Fund for International Development, OFID – Twitter: @OFIDnews]

 

WAM/Rola Alghoul/Esraa Ismail

 
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