Vienna [Denmark], October 11: The OPEC Fund for International Development (the OPEC Fund) has signed two new loan agreements with the Republic of El Salvador totaling US$100 million to finance priority investments in tourism, infrastructure, agriculture and rural livelihoods.
A press release issued by the Fund today in Vienna said the agreements were signed during a high-level mission led by OPEC Fund President Abdulhamid Alkhalifa, who met with President Nayib Bukele and senior government officials, including Minister of Finance Jerson Posada, Minister of Public Works and Transport Romeo Rodríguez, Minister of Tourism Morena Valdez and Minister of Health Francisco Alabi. President Alkhalifa also visited Zacamil Hospital, which benefited from the OPEC Fund's COVID-19 response package in 2020.
OPEC Fund President Alkhalifa said:"Our cooperation with El Salvador reflects a shared focus on sustainable growth and opportunity. Our new investments will improve livelihoods, expand access to markets and services, and strengthen resilience across the country's tourism and rural sectors. We are proud to partner with El Salvador in building a more inclusive and sustainable future."
The OPEC Fund's new financing will support the following projects:A US$70 million loan will bolster the Surf City Programme - Phase II, a project co-financed with the Central American Bank for Economic Integration (CABEI). The initiative will strengthen infrastructure and climate resilience along El Salvador's La Libertad coastal corridor, the country's main tourism hub. It includes the rehabilitation of more than 23 km of roads and the expansion of sanitation and wastewater systems benefiting around 125,000 residents, while boosting sustainable tourism, creating jobs and supporting inclusive economic growth.
A US$30 million loan will support the Rural Adelante 2.0 Program, co-financed with the International Fund for Agricultural Development (IFAD). The initiative will strengthen income, resilience and food security for 74,000 rural households through climate-smart agriculture, improved market access and upgraded rural infrastructure. At least half of all beneficiaries will be women, with dedicated support for youth and indigenous communities, promoting inclusion and sustainable rural transformation.
The OPEC Fund's partnership with El Salvador dates back to 1976. Including the new signings, the OPEC Fund has now committed more than US$350 million across the public, private and trade finance sectors, supporting projects in agriculture, energy, health, infrastructure and financial inclusion.
Source: Emirates News Agency