Monday, October 25, 2021 – 12:48 PM
VIENNA, 25th October/WAM/ The OPEC Fund for International Development (OFID) has signed two agreements with the governments of Benin and Togo, granting two loans worth $25 million to support the agricultural sector and agricultural market integration programmes.
The statement issued by OFID’s headquarters in Vienna stated that the fund granted the Benin government a loan of $15 million, and the government of Togo, a loan of $10 million to support agricultural market integration programs, strengthen the agriculture and trade sectors to increase income and enhance food security for rural families in a sustainable manner.
The two loans support market integration and rural entrepreneurship, promote the transformation of family farming to adapt to climate change, and contribute to improving the performance of commercial centers and cross-border transport corridors, and the full integration of smallholders into national markets.
“We are pleased to support the efforts of governments to develop local agricultural sectors through diversification and increase productivity and resilience to climate change,” said Dr. Abdul Hamid Al-Khalifa, OFID’s Director General. He pointed to the importance of the agricultural sector in both partner countries, Benin and Togo, and explained that the two countries have high development potential and employ a large proportion of the population in the agricultural sector.
Wam / Funn / Dina Omar