UAE chairman of OPEC development fund board announces loans worth USD160 million
AME Info, United Arab Emirates
Dec 21 2004
The UAE-chaired OPEC Fund for International Development today announced
it approved loans worth a total of USD 157.4million at a recent board
of governors meeting in the Fund’s Vienna offices.
Jamal Nasser Lutah, the board’s chairman and assistant undersecretary
of Industry at the UAE Ministry of Finance and Industry (MOFI),
unveiled the details of the loans. He said: ‘The board has approved
17 loans totaling $157.4 million to offer credit finance for projects
in Angola, Armenia, Bosnia, Congo, Jordan, Turkey and Turkmenistan.
‘The loans are for as long as 20 years. The first five years offer a
grace period and the interest payable varies from 1 per cent to 1.75
per cent.’
The board also set aside $4.325 million to be split between combating
polio in Africa, providing assistance to inhabitants of Maya in
Nicaragua, and supporting a number of Palestinian NGOs. An amount
of $2.25 million was allocated to support the AIDS epidemic combat
program.
The board also considered a report by Salman bin Jaber Al Harbash,
its General Director, about the Fund’s 2004 activities. The total
value of loans approved by the Fund to the end of October this year
stands at $5126 million offered to 111 developing countries to finance
950 projects.
‘The Fund has supported 60 private sector projects worth $299 million,’
said Mr. Lutah. ‘We have also approved about $316 million in grants
to finance 684 projects in many poor and developing countries.
‘The UAE is one of the principal founders of the Fund and is one of the
biggest contributors to it. This is in line with the UAE’ commitment
to play an active role in the field of international development.’