TRANSPORT
Sustainable transport is crucial to ensure the integration of rural communities into wider networks. Safe and efficient transport connects people to jobs, healthcare and social services and facilitates regional, national and global trade.
However, basic infrastructure such as roads or ports remains scarce in many developing countries. The G20’s Global Infrastructure Hub speaks of an infrastructure financing gap amounting to “multiples of trillions [of dollars] per year”. As this challenge exceeds the capacity of individual states or multinational lenders, it makes cooperation all the more imperative.
In this spirit, the OPEC Fund is teaming up with partner in- stitutions with the goal to maximize its impact. In 2021, the OPEC Fund committed US$205 million to support transport infrastructure, which helped to increase the connectivity of remote regions.
BOOSTING CONNECTIVITY IN BANGLADESH In Bangladesh, inadequate infrastructure restricts economic growth and reduces employment opportunities in many rural areas. A US$75 million OPEC Fund loan is co-financ- ing the construction of the Nalua-Baherchar bridge, which spans the Pandab-Paira river, and access roads. This will facilitate connectivity between districts in the largely rural southwest of the country and the capital Dhaka. The project will benefit more than 1.5 million people, who will enjoy better trade and other economic opportunities.
UPGRADING KEY HIGHWAY IN PAPUA NEW GUINEA The OPEC Fund signed a US$50 million loan agreement with Papua New Guinea to co-finance the Sustainable High- lands Highway Investment Program – Tranche 2 aimed at facilitating trade and improving access to jobs, markets and social services for some three million people. The invest- ment will rehabilitate and upgrade the Highlands Highway, a lifeline for the population. Developing a safe and integrated transport network will make a vital contribution to sustaina- ble growth and mitigating climate change risks.
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