Financial and Banking News

AID FLOWS

OFID Lends $10mn to Three Countries 

The OPEC Fund for International Development (OFID) last week signed loan agreements for a total of $9.8mn with three countries. $5mn is provided to Bangladesh for on-lending by the Agrani Bank to small-scale and cottage industries in rural areas, while $4mn was lent to Ethiopia in order to build schools in 50 new villages. Both loans are for 17 years, with a five-year grace period. They are interest-free and...