Ambassador of G.Bissau-Rui Domingos Baticã, signed a US$6 million loan agreement with OFID’s.
OFID, the OPEC Fund for International Development, has signed public sector loan agreements totaling $37.5 million with Guinea Bissau, Burundi and Uganda to support socio-economic development and living standards in the African continent. OFID’s Al-Herbish and the Ambassador of Guinea Bissau to Germany, Rui Domingos Baticã, signed a US$6 million loan agreement that sees OFID support the ‘Economic Development Project for the Southern Regions of Guinea Bissau’, also referred to as PADES. PADES is financed in partnership with the International Fund for Agricultural Development (IFAD) and the government of Guinea Bissau. It aims to alleviate poverty and enhance food security in the rural communities of Tombali, Quinara and Bolama-Bijagos by increasing rice production and modernizing 33 km of rural roads. The project will also encourage the participation of young adults and women in the processing and marketing of crop and livestock production.
Al-Herbish said this agreement represented the tenth public sector loan extended by OFID to Guinea Bissau to date, amounting to US$19.9 million of development funding. Previously, the country has also benefited from the proceeds of two national grants (totaling US$1.5 million) and eight regional grants (amounting to US$14.1 million) to support rural electrification, health and education, as well as food security programs. Original report at :http://www.ofid.org