The OPEC Fund for International Development has approved US$190 million in financing for major water infrastructure projects in Morocco and Azerbaijan as part of a wider US$645 million funding package across 14 countries.
In Morocco, the institution will provide US$150 million to help finance the construction of a new dam. The project is intended to strengthen water security and climate resilience, reduce flood risks and support sustainable agriculture.
A further US$40 million senior secured loan will support the Caspian Sea Water Desalination Project in Sumgayit, Azerbaijan. The facility is set to become the country’s first large-scale seawater desalination plant and expand access to drinking water.
The desalination loan forms part of the OPEC Fund’s US$210 million in newly approved private sector operations
The desalination loan forms part of the OPEC Fund’s US$210 million in newly approved private sector operations, while the Moroccan dam is included in US$435 million allocated to public sector projects.
OPEC Fund President Abdulhamid Alkhalifa said the investments address essential development needs. “These investments address essential foundations of sustainable development: reliable water and energy, resilient infrastructure, effective economic institutions and access to finance,” he said. “By working across the public and private sectors, the OPEC Fund is helping partner countries overcome immediate constraints while creating the conditions for greater opportunity and long-term resilience.”
The wider financing package also covers energy, transport, economic reform and access to finance in countries across Africa, Asia, Europe and Latin America.
