VIENNA, 3rd May, 2024 (WAM) -- The OPEC Fund for International Development (OFID) and Uzbekistan have signed a country partnership framework agreement for the period 2024-2029, earmarking US$500 million in new financing to support the country’s ambitious sustainable development agenda.
The OPEC Fund is also extending a new US$20 million loan to support a key preschool education project by the government, setting up 200 preschools for almost 30,000 children across the Central Asian country. The project is co-financed by the Islamic Development Bank and private sponsors. The government’s goal is to achieve universal preschool enrollment by 2030.
OPEC Fund President Abdulhamid Alkhalifa said, “The development of a modern preschool education system is crucial for future economic growth and building human capacity. We are proud to join the government’s efforts and support its ambitious aspirations to become an upper middle-income country by 2030.”
To date, the OFID has provided around US$760 million in loans to support nearly 30 public and private sector projects in Uzbekistan. Around 30 percent of sovereign funding has been dedicated to improving water and sanitation, whereas private sector engagements have focused on transforming Uzbekistan’s energy sector and promoting renewable energy.