Mubasher: The OPEC Fund for International Development (OFID) is pumping an amount of $1.6 billion in financing energy investments in Arab countries, according to OFID director-general Suleiman Al-Herbish.
Financing the energy sector in the Arab region comes as part of the OFID’s strategic plan until 2025.
OFID works on supporting sustainable development plans in Arab nations, especially energy projects, Emirates News Agency (WAM) reported, citing Al-Herbish, who further outlined various operations supported by OFID in the region.
The funding entity is currently financing around 14 traditional and 15 renewable energy projects in a number of Arab countries, he went on.
"Our Ministerial Council has approved the allocation of a renewed $1 billion to this end," Al-Herbish said.
The intergovernmental development finance institution focuses on expanding geographic coverage and operational activities to overcome energy poverty.
