OPEC Fund approves $1b in development financing

The OPEC Fund for International Development (OPEC Fund) has approved close to $1 billion in new development financing over the last quarter of 2024, including during its 190th Governing Board meeting in Vienna today.

These projects will benefit countries across the globe and aim to bolster infrastructure, food security, renewable energy, economic resilience, according to a statement released by the Fund.

OPEC Fund President Abdulhamid Alkhalifa said: “2024 has been a landmark year for the OPEC Fund, marked by a significant increase in project approvals and commitments across key sectors, helping to build resilience, develop sustainable infrastructure and address climate change.”

“Our latest round of financing reflects the OPEC Fund’s ongoing dedication to delivering impactful solutions that drive meaningful change for millions of people.”

“We remain focused on working with partners worldwide to tackle today’s challenges and build a better tomorrow.”

The Fund’s statement included the countries benefiting from the latest financing package: Bangladesh, Burkina Faso, Chad, Comoros, El Salvador, Gambia, Honduras, Kenya, Malawi, Mauritania, Montenegro, Senegal, Sierra Leone, Sri Lanka, Türkiye, Uzbekistan, Côte d’Ivoire, Dominican Republic, Egypt, Ghana, Paraguay, and Uzbekistan.

WAM