The OPEC Fund for International Development (OFID) has approved over USD 303 million of new funding to benefit developing countries across the globe, including USD 50 million for Maldives.
The funding was approved at the 166th session of OFID's Governing Board at the organisation's Vienna headquarters. Most of the approved funds will finance projects in transportation, water and energy sectors.
In a news statement issued afterwards, OFID revealed about 20-thouand Maldivians will benefit from the grant aid, adding the funds will assist to enhance the health sector, develop harbours and establish water and sewerage facilities.
OFID is the development finance institution established by member states of OPEC, 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.