The subsidiary of the Organisation of Petroleum Exporting Countries (OPEC) has approved a loan of Rwf20 million for Rwanda to upgrade the road from Nyacyonga to Mukoto between Gasabo and Rulindo districts.

This loan, which was approved during the organisation’s 178th session of the governing board held virtually last week, will be funded by the OPEC Fund for International Development.  

The road is one of the few African projects worth $352 million that were selected for funding.

The upgrade of the 36-km stretch is projected to benefit the population in various ways, OPEC said in a statement.   

"It will improve connections for approximately 2.8 million people engaged in economic activities that include agriculture, mining and tourism in the region,” read the statement in part.

In addition to strengthening livelihoods, the project will improve access to production areas, markets and social amenities as well as boosting trade with neighbouring countries, particularly the DR Congo and Uganda, added the communique.

Apart from Rwanda, projects from the Dominican Republic, Ghana, Kenya and Ivory Coast were among the beneficiaries of the $352 million loan.

OPEC Fund for International Development works to stimulate economic growth and social progress in low and middle-income countries around the world.

It was established by member countries of OPEC in 1976 to drive development, strengthen communities and empower people.

As of today, OPEC has projects with a total cost of $187 billion in over 125 countries.