The OPEC Fund for International Development has inked a loan agreement with Corporación Interamericana para el Financiamiento de Infraestructura (CIFI) for a US$25 million loan to fund the development of private sector infrastructure projects in Latin America and the Caribbean (LAC).
OPEC Fund Director-General said: “Our cooperation with CIFI will promote private sector participation in infrastructure development, support mid-size projects across the energy, water and sanitation, transport, and telecommunications sectors, and improve the quality of life for citizens across the region. This is an important contribution to the Sustainable Development Agenda.”
The public sector finances over 60% of all infrastructure development in Latin America and the Caribbean. Despite the COVID-19 shutdowns and a 9 percent economic downturn in 2020, the infrastructure industry and associated investments remained resilient, demonstrating the substantial demand.
CIFI has been backed by the OPEC Construct through two earlier loans totalling $30 million, which were used to fund 60 mid-size infrastructure projects. CIFI is a non-banking financial institution founded in 2001 that provides financing and guidance for private sector infrastructure projects.
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