VOL. XLVII

No 12

22-March-2004

OPEC

AID

OPEC Fund Approves Loans Of $90Mn

The OPEC Fund for International Development on 16 March approved nine loans worth a total of $90.3mn. Egypt receives $20mn for the Cairo North (II) Power Plant scheme, while other beneficiaries include Peru ($15mn), Myanmar ($12.3mn) and Mozambique ($10mn). All loans have a maturity of 20 years, including a grace period of five years, and carry interest at rates ranging from 1-3%. The loans will be cofinanced by beneficiary...