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OPEC Fund Supports Post-COVID-19 African Infrastructure With $50m Loan to Africa Finance Corporation

first_img Twitter Previous articleTEXAS VIEW: Failure to fix vaccine registry haunts TexasTHE POINT: The pandemic has cast a spotlight on the lack of support for our health care system.Next articleVelodyne Lidar signe un accord de vente pluriannuel avec Emesent Digital AIM Web Support By Digital AIM Web Support – January 27, 2021 OPEC Fund Supports Post-COVID-19 African Infrastructure With $50m Loan to Africa Finance Corporation Facebook Facebook Pinterest TAGS  center_img Local NewsBusiness WhatsApp Pinterest Twitter WhatsApp VIENNA–(BUSINESS WIRE)–Jan 27, 2021– The OPEC Fund for International Development (the OPEC Fund) and Africa Finance Corporation (AFC) have signed a $50 million loan agreement to help finance and build infrastructure needed for Africa’s post-COVID recovery. This represents the first direct financing co-operation between the two institutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210127005070/en/ The proceeds of the 10-year loan to AFC will help address the continent’s well-known infrastructure financing gap. The loan will also support increased financial flows to Africa and contribute to COVID-19 recovery efforts in African economies by freeing up government funds to meet urgent financing needs related to the pandemic. AFC President and CEO, Samaila Zubairu said: “AFC has been engaging development partners worldwide to find ways that we can act in concert to mobilize the funds necessary for Africa’s post-pandemic recovery and optimize efficient deployment. This loan is in line with AFC’s effort to support the development-vital infrastructure, from energy to transport and commerce, and to return Africa back to the path of sustainable growth and development. We are committed to working with the OPEC Fund and other partners as critical enablers of essential infrastructure development.” OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “Africa’s urgent infrastructure financing needs have become even more pronounced since the onset of COVID-19. The pandemic has hampered economic growth and investment across the continent. Our support to AFC will help provide sustainable financing for infrastructure development to improve connectivity, transport, logistics, trade and the creation of jobs. We look forward to a long and productive partnership with AFC. By working with experienced regional partners, our development impact is amplified.” AFC is a financial institution with 28 member countries, established to provide financing and private sector-driven solutions for infrastructure, natural resources and industrial projects across Africa. To date, AFC has invested over US$8.4 billion in projects within 35 African countries. The OPEC Fund signed a cooperation agreement with AFC in 2017 and this loan marks the beginning of collaboration on the ground. About the OPEC Fund The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct mandate: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, we have approved more than US$25 billion for operations in 135 partner countries. Our vision is a world where sustainable development is a reality for all. About Africa Finance Corporation AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. It is the second highest investment grade rated multilateral financial institution in Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. To date, the Corporation has invested over US$8.4 billion in projects in 35 countries across Africa. www.africafc.org View source version on businesswire.com:https://www.businesswire.com/news/home/20210127005070/en/ CONTACT: For more information, please contact: OPEC FUND: [email protected] Benamara OPEC Fund for International Development [email protected] +43 151 564138AFC/ NEW MARKETS CONTACT: Gavin Serkin New Markets Media & Intelligence [email protected] +44 20 3478 9710Olisa Nwokedi Africa Finance Corporation [email protected] +234 9062834707Rita Babihuga-Nsanze Africa Finance Corporation [email protected] +234 906 298 1490 KEYWORD: AFRICA EUROPE AUSTRIA INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE SOURCE: Africa Finance Corporation Copyright Business Wire 2021. PUB: 01/27/2021 04:00 AM/DISC: 01/27/2021 04:01 AM http://www.businesswire.com/news/home/20210127005070/enlast_img read more

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Spain Study Abroad

first_imgTime abroad looks different for every student.Some are seasoned travelers looking to fuel their sense of adventure. For others, studying abroad is the first chance they’ve had to explore a new country.For University of Georgia poultry science major Logan Waldrop, embarking on a monthlong study abroad trip to Spain with the College of Agricultural and Environmental Sciences (CAES) was his first time outside of the Southeastern U.S.“I had never been abroad before and the longest plane trip I had ever been on was an hour or two. The eight-hour flight and being in a country where English isn’t the first language was frightening,” Waldrop said.But traveling with the support of UGA’s faculty and fellow students helped to make the Franklin County, Georgia, native feel at home.“The minute I got there I felt welcomed and comfortable in the environment,” he said. “The trip overall exceeded my expectations tremendously.”After an eight-year run in France, the CAES Food Production, Culture and the Environment program moved to Granada, Spain, in May 2019. As a participant in the inaugural trip to Spain, Waldrop traveled with animal science Professor Michael Azain and now-retired UGA Professors Mark and Judy Harrison for a unique opportunity to learn about food production and culture in the Mediterranean region. He and other students attended lectures and visited production facilities for olive oil, cheese, Spanish ham, bread and wine.“Going to Alhambra was one of the coolest things that I got to do on this trip,” Waldrop said. “It was truly unique to see all of the different designs from the different people and different time periods, but my absolute favorite thing that we did on the trip was going down to Malaga on the Mediterranean. Getting to be on the coast and experiencing the culture was something I’ll never forget. Plus, the food was incredible.”It can be hard to achieve cultural immersion when studying abroad. It can be all too easy to stay comfortable in the groups you travel with, and it’s hard to get to know locals. Waldrop was able to overcome this barrier by staying with a host family.“The homestay was flawless,” said Waldrop. “I loved our host family and they took extremely good care of us. The food was absolutely incredible, and they were the sweetest people in the world.”Walking away from his time in Spain, Waldrop has two pieces of advice for future study abroad students.“The advice I would give is to get familiar with the language,” he said. “That was one of the bigger issues that I faced while over there. If you know you’re going, brush up on it. The other piece of advice I’d offer is to have fun. There were a few nights that I was a little homesick, but then we all decided to go do stuff in the city and all of that went to the back of my mind. Cut loose and have fun — there won’t be many opportunities like this one.”The deadline to apply for the CAES May term program, Spain: Food Production, Culture and the Environment is February 15. Interested students can find more information at www.caes.uga.edu/students/study-abroad.last_img read more

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