Vienna: The OPEC Fund for International Development (the OPEC Fund) has signed two new loan agreements with the Republic of El Salvador totaling US$100 million to finance priority investments in tourism, infrastructure, agriculture, and rural livelihoods.
According to Emirates News Agency, the agreements were signed during a high-level mission led by OPEC Fund President Abdulhamid Alkhalifa. He met with President Nayib Bukele and senior government officials, including Minister of Finance Jerson Posada, Minister of Public Works and Transport Romeo Rodrguez, Minister of Tourism Morena Valdez, and Minister of Health Francisco Alabi. President Alkhalifa also visited Zacamil Hospital, which benefited from the OPEC Fund's COVID-19 response package in 2020.
OPEC Fund President Alkhalifa stated, "Our cooperation with El Salvador reflects a shared focus on sustainable growth and opportunity. Our new investments will improve livelihoods, expand access to markets and services, and strengthen resilience across the country's tourism and rural sectors. We are proud to partner with El Salvador in building a more inclusive and sustainable future."
The OPEC Fund's new financing will support the Surf City Programme - Phase II with a US$70 million loan. This project, co-financed with the Central American Bank for Economic Integration (CABEI), aims to enhance infrastructure and climate resilience along El Salvador's La Libertad coastal corridor. It includes the rehabilitation of over 23 km of roads and the expansion of sanitation and wastewater systems, benefiting around 125,000 residents, while promoting sustainable tourism, job creation, and inclusive economic growth.
Additionally, a US$30 million loan will support the Rural Adelante 2.0 Program, co-financed with the International Fund for Agricultural Development (IFAD). This initiative focuses on strengthening income, resilience, and food security for 74,000 rural households through climate-smart agriculture, improved market access, and upgraded rural infrastructure. At least half of all beneficiaries will be women, with dedicated support for youth and indigenous communities, promoting inclusion and sustainable rural transformation.
The OPEC Fund's partnership with El Salvador dates back to 1976. Including the new signings, the OPEC Fund has now committed more than US$350 million across the public, private, and trade finance sectors, supporting projects in agriculture, energy, health, infrastructure, and financial inclusion.