The OPEC Fund is providing a $50 million loan to rehabilitate Paraguay’s National Route PY22, co-financed by CAF. The project will enhance connectivity for 125,000 residents and support regional economic growth. This follows over $600 million in previous assistance from the OPEC Fund since 1978, aimed at sustainable development in various sectors.
The OPEC Fund for International Development is granting a $50 million loan aimed at rehabilitating National Route PY22 and access roads in Concepción, Paraguay. This initiative, which is co-funded by a $135 million loan from CAF, will enhance connectivity for approximately 125,000 residents, drive trade, and boost socio-economic growth within the region.
President Abdulhamid Alkhalifa emphasized the significance of efficient transport infrastructure in promoting economic growth and community connectivity. He stated, “With this project we are not only improving mobility and trade but also enabling greater access to essential services.” The co-financing partnership with CAF is expected to yield substantial community benefits.
The project involves upgrading a 176.2 km stretch of the Concepción-Vallemí-San Lázaro route and enhancing 41.2 km of surrounding access roads, including vital connections to the free trade zone. These enhancements will ensure smoother transportation of essential goods, supporting major projects like the Paracel pulp mill, thus fostering regional trade and economic integration.
Since 1978, the OPEC Fund has contributed over $600 million to various sustainable development initiatives in Paraguay, covering sectors such as transport, energy, agriculture, and sanitation. The Fund is committed to improving living conditions and economic prospects in low- and middle-income countries through targeted financing.
The OPEC Fund is a key international entity tasked with supporting global development endeavors. Established in 1976, its mission focuses on alleviating poverty by funding essential projects in sectors like energy, infrastructure, and education across over 125 nations.
The OPEC Fund for International Development is dedicated to enhancing economic and social conditions in developing countries by financing essential projects. Its history with Paraguay dates back to 1978, providing substantial funding aimed at advancing transport and socio-economic development. The recent $50 million loan illustrates the commitment to improving infrastructure and connectivity, pivotal for economic integration and trade facilitation in the region.
The OPEC Fund’s $50 million loan will significantly enhance Paraguay’s transport infrastructure, particularly benefiting the Concepción region. By co-financing with CAF, the project aims to improve connectivity, facilitate trade, and drive socio-economic development for over 125,000 people. Ongoing support from the OPEC Fund highlights its long-standing commitment to sustainable development in Paraguay and across the globe.
Original Source: www.zawya.com
