OPEC Fund for International Development (OFID) and Corporacion Interamericana para el Financiamiento de Infraestructura (CIFI) have signed a $25 million loan agreement to finance the development of private sector infrastructure in Latin America and the Caribbean (LAC).

OPEC Fund to lend US$25 million to develop Latin American infrastructure

There is a need for more investments in the region’s infrastructure. CIFI will promote private sector involvement in infrastructure development, support mid-size projects across the energy, water, and sanitation sectors, transport, and telecommunications sectors, and improve the quality of life for residents. It contributes to the Sustainable Development Agenda.

Around 60 percent of infrastructure development in Latin America and the Caribbean is financed by the public sector. OFID was established by 13 OPEC members, including the United Arab Emirates, in January 1976. The development finance institution provides aid to developing countries.