Breaking News

OPEC Fund extends $11mn loan to support higher scientific education in Chad

September 26, 2022
finance & economy

VIENNA, 25th September, 2022 (WAM) -- The OPEC Fund for International Development (OFID) has extended a US$11 million loan to the Republic of Chad to support Phase 2 of the Abéché National Institute of Science and Technology (INSTA) Expansion Project to strengthen higher scientific education.

The project is co-financed with the Arab Bank for Economic Development in Africa (BADEA) and will include the expansion of the institute’s facilities and allow 600 more students each year to complete a comprehensive education in technical sciences and biomedicine.

Moussa Batraki, Minister of Economy, Development Planning & International Cooperation of Chad, and OPEC Fund Director-General Dr. Abdulhamid Alkhalifa, signed the loan agreement in Vienna.

Dr. Alkhalifa said: 'An inclusive quality education is the cornerstone of social and economic development. Better and sustainable infrastructure, including higher quality housing, academic and social facilities will allow students to focus on their studies and education. We are pleased to support Chad’s development ambitions in the education sector and the Sustainable Development Goal 4 - Quality Education.'

Phase 1 of the INSTA project was also co-financed by the OPEC Fund and is currently in the final stages of implementation. It includes the construction and equipment of academic facilities and related utilities. In Phase 2, six student dormitories and a canteen will be constructed and equipped, complementing other facilities including a 1 MW solar energy station.

The Government of Chad has identified education as a key sector for national development and adopted a two year national strategy for higher education, scientific research and vocational training in 2021. It aims at increasing the number of students in higher education and linking human resource development programs with the labor market.

The OPEC Fund has supported sustainable development in Chad since 1977, providing more than US$125 million financing for transport, education and agriculture sector projects to date.


Top News

finance & economy

Soft growth in business conditions in No...
December 8, 2022
DP World Logistics opens new container f...
December 8, 2022
AED 1.637 trillion, value of non-oil for...
December 8, 2022