OPEC Fund provides $30m to improve rural transportation in Uganda
TLDR
- OPEC Fund approves $30 million loan for the rehabilitation of Katine-Ochero road in Uganda.
- Project to enhance transportation connections in central-east region, a collaboration between OPEC Fund, IsDB, and Ugandan government.
- Focus on improving infrastructure to facilitate supply chains, boost socio-economic opportunities, and benefit rural communities.
The OPEC Fund for International Development (OPEC Fund) has approved a $30 million loan to support the development of a crucial transportation link in Uganda.
The funding will be utilized for the rehabilitation of the Katine-Ochero road, enhancing transportation connections in the central-east region of the country. This project is a collaborative effort between the Islamic Development Bank (IsDB), the government of Uganda, and the OPEC Fund.
Abdulhamid Alkhalifa, Director-General of the OPEC Fund, emphasized the significance of reliable infrastructure in facilitating complex supply chains and the movement of goods and services across borders. Improving connectivity through projects like the rehabilitation of the Katine-Ochero road is expected to create socio-economic opportunities, particularly benefiting rural communities. The OPEC Fund looks forward to further strengthening its longstanding partnership with Uganda through initiatives like this.
Key Takeaways
Infrastructure needs remain critical for advancing socioeconomic outcomes. Requirements continue rising amidst rapid urbanization and industrialization. While Africa’s infrastructure shortage is undeniable, it provides abundant investment opportunities – particularly for sectors like construction, telecommunications, energy, and transportation, to name a few. To date, the OPEC Fund has provided around US$290 million to support sustainable development in Uganda, financing more than 20 projects in education, health, transportation, agriculture and energy.
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