O.P.E.C. loans to Third World

Press, 12 January 1977, Page 6

O.P.E.C. loans to Third World

NZPA-Reuter Vienna The Organisation of Petroleum Exporting Countries (0.P.E.C.) has announced interest-free loans to help 24 developing nations overcome balance of payments problems. Loan agreements are being signed for the allocation of SUSI 11,650,000 to help the Third World. The 25-year loans represent! the second batch of agreements signed with developing countries since a special! fund was established last| year. Six agreements total- i ling $U542,700,000 were com-1 pleted in December. The countries involved are among 45 due to share a total j first allocation of SUS2OOM. O.P.E.C. is also contributing

$U5435,500,000 for agricultural development. India, with a loan of 521.8 M, is the biggest single beneficiary in yesterday’s list of allocations. Egypt was given the second biggest loan, SUSI4.4SM, Bangladesh, 513.9 M, and Mozambique 56.55 M. The smallest allocation, 51.55 M, went to the Cape Verde Islands. Other countries on the list included Afghanistan, Burma, Guatemala, GuineaIBissau, Guyana, Haiti, Honduras. Lesotho, the Malagasy Republic, Mali, Mauritania, ■Nepal, Kenya, Uganda, Upper ! Volta, and the Yemen Arab Republic. O.P.E.C. officials say more agreements will be signed in the near future, to the initial S2OOM allocation.