VIENNA : The Opec Fund for International Development (OFID) has agreed to provide a $50m loan to Pakistan for the country’s 969MW Neelum Jhelum hydropower plant. The new plant will help improve the efficiency of vital social services as well as encourage the development of local industries. Apart from Pakistan, OFID has also signed new loan agreements with Grenada, Mozambique and Senegal. Commenting on the newly-signed loans, OFID DG Suleiman J. Al-Herbish “The loan agreements will go a long way towards alleviating poverty for millions of people.” OFID has committed over $15.7bn since its inception in support of sustainable development in 134 countries.