Highlights:
- Nearly half a billion dollars in new commitments with Benin, Bhutan, Ivory Coast, Jordan, Oman and a bank in Uzbekistan
- Major cooperation and co-financing framework agreement with the World Bank Group with the operational focus on climate, food security and infrastructure
- New partnership agreements to expand activities and development impact in the Latin America and Caribbean (LAC) region
VIENNA, Oct. 28, 2024 /PRNewswire/ – The OPEC Fund for International Development (the OPEC Fund) concluded its participation in the 2024 World Bank-IMF Annual Meetings with solid new financing commitments, signing loan agreements with partner countries totaling almost one half a billion dollars. These agreements underscore the OPEC Fund’s commitment to advancing global development goals, including climate resilience, energy transition, sustainable agriculture and socio-economic inclusion.
The President of the OPEC Fund, Dr. Abdulhamid Alkhalifa, said: “The Annual Meeting was an important opportunity for the OPEC Fund to engage with key stakeholders and align our efforts with the development needs of our partner countries. This year’s meetings have proven to be an excellent platform for fostering partnerships and strengthening collaboration. With the new funding agreements, we are taking critical steps to improve connectivity, promote economic resilience and strengthen communities in our partner countries.”
In an important step to strengthen cooperation, the OPEC Fund and the World Bank Group signed a co-financing framework agreement (CFA) and a memorandum of understanding (MoU) during the meetings. These agreements, which are signed by Dr. Abdulhamid Alkhalifa, President of the OPEC Fund, and Ajay Banga, President of the World Bank Group, are expected to improve co-financing opportunities. OPEC Fund President Alkhalifa and members of the delegation met with each regional vice president of the World Bank for an in-depth briefing on the countries and operational priorities.
New OPEC Fund loans in partner countries include:
- Benin: USD 26 million loan to support the Horticulture Development Support Project (PADMAR-E), which aims to improve food security and increase the income of small-scale horticulture farmers
- Bhutan: USD 50 million loan for the development of two hydroelectric power plants to improve Bhutan’s energy security and renewable energy production
- Ivory Coast: EUR 60 million program-based loan (PBL) to improve infrastructure and increase economic competitiveness in the country’s transport and energy sectors.
- Jordan: USD 100 million PBL to support Jordan’s Human Capital Program, which aims to improve and sustain human capital.
- Oman: USD 180 million loan as the first tranche of a USD 392 million financing facility for the Khasab-Daba-Lima road project to improve regional transport connectivity
- SQB Bank of Uzbekistan: A $40 million loan to Sanoat Qurilish Bank (SQB) to support small and medium-sized businesses and the agricultural sector in Uzbekistan.
The OPEC Fund also signed partnership agreements to expand cooperation with partner institutions such as Fonplata and CAF and strengthen development efforts in the Latin America and Caribbean region.
Information about the OPEC Fund
The OPEC Fund for International Development (OPEC Fund) is the only development institution with a global mandate that exclusively provides financing from member countries to non-member countries. The organization works with partners in developing countries and the international development community to promote economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was founded in 1976 with a specific purpose: to advance development, strengthen communities and empower people. Our work is people-focused and focuses on financing projects to address basic needs such as food, energy, infrastructure, employment (particularly in relation to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has provided approximately $27 billion for development projects in over 125 countries, with a total estimated cost of more than $200 billion. The OPEC fund is rated AA+/outlook stable by Fitch and AA+, outlook stable by S&P. Our vision is a world in which sustainable development is a reality for everyone.
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