The OPEC Fund for International Development (OPEC Fund) has recently approved close to US$1 billion in new development financing during its 190th Governing Board meeting in Vienna. These projects will benefit countries across the globe and focus on infrastructure, food security, renewable energy, economic resilience, and governance.
OPEC Fund President Abdulhamid Alkhalifa stated that 2024 has been a significant year for the organization, marked by a surge in project approvals and commitments in key sectors. The latest round of financing reflects the OPEC Fund’s commitment to delivering impactful solutions that drive meaningful change for millions of people.
Some of the projects approved by the OPEC Fund include:
– Strengthening Economic Management and Governance Program in Bangladesh
– Human Capital Protection Project in Burkina Faso
– Rice Farming Development Project in Chad
– First Fiscal Management and Resilient Growth Development Policy in Comoros
– Rural Adelante 2.0 Program in El Salvador
– Rural Infrastructure Development Project in The Gambia
– Women’s Empowerment and Social Inclusion Program in Honduras
– Economic Inclusion and Green Recovery Support Program in Kenya
– Mauritania-Mali Power Interconnection and Related Solar Power Plants Development Project in Mauritania
– Resilient Fiscal and Sustainable Development Program in Montenegro
– Senegal Food Sovereignty Strategy Support Project in Senegal
– Livestock and Livelihoods Development Program in Sierra Leone
– Second Resilience, Stability, and Economic Turnaround Development Policy Operation in Sri Lanka
– Climate Finance Facility Project in Türkiye
– Second Inclusive and Resilient Market Economy Development Program in Uzbekistan
In addition to public sector operations, the OPEC Fund also approved financing for private sector operations in countries like Côte d’Ivoire, Dominican Republic, Egypt, Ghana, Paraguay, and Uzbekistan. These projects aim to support small and medium-sized enterprises, promote renewable energy, and enhance economic growth.
Furthermore, a technical assistance grant was allocated for the implementation of the Nature Solutions Finance Hub in Asia and the Pacific. This initiative aims to scale up investments in nature-based solutions to address biodiversity loss and climate change.
The OPEC Fund works in collaboration with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries. Since its establishment in 1976, the OPEC Fund has committed over US$27 billion to development projects in over 125 countries.
For more information about the OPEC Fund and its projects, visit their website at www.OPECFund.org.
