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IN THE FIELD


The OPEC Fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in underserved regions. It does this by providing financing to build essential infrastructure, strengthen social services and promote productivity, competitiveness and trade. The following pages showcase some of our recent work in the field.


China changing


Tertiary education and elderly care take priority


d I 14


n 2019, the OPEC Fund intensified its longstanding cooperation with China by approving a new US$25 million loan to support the Wenshan Vocational Education Project and by signing a US$50 million loan to finance the Hezhou Healthcare Project. The Wenshan Vocational Education project has a total cost of US$38.5 million and is co-financed with the Chinese government. The project will construct and equip new educational facilities at the W


with the Chinese government. The project will construct and equip new educational facilities at the Wenshan University in the mountainous Yunnan Province, southwest China – one of the poorest provinces in the country. Market-


y in the mountainous , southwest China – one of the poorest provinces in the countr . Mark pr 400 staff lmost 90 per


infrastructure for a


New


orientated education will be provided for about 12,000 young job seekers annually, and the facility will also update the knowledge and skills of 6,000 local professional and skilled laborers, per year. The Hezhou Healthcare Project loan will support the government’s efforts to provide comprehensive elderly health care services in the Guangxi Zhuang Autonomous Region (GZAR), which borders Vietnam. A new 900-bed health e center will be built in Hezhou Cit , also


which borders Vietnam. A new 900-bed health care center will be built in Hezhou City, also providing long-term employment for over 400 staff.


Almost 90 percent of the OPEC Fund’s


A US$50 million loan agreement between the OPEC Fund and China was signed by Deputy Director-General of PRC Ministry of Finance, Department of International Economic and Financial Cooperation, Han Bin and the OPEC Fund Director-General Dr Abdulhamid Alkhalifa.


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