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- OPEC Fund 2021 Annual Report demonstrates successful engagements and strong fundamentals
OPEC Fund 2021 Annual Report demonstrates successful engagements and strong fundamentals
Following approval by the Ministerial Council, the OPEC Fund for International Development’s highest decision-making body, the institution’s Annual Report for the year 2021 is now online. The English-language report is also available in Arabic, French and Spanish, and provides a comprehensive overview of the institution’s operations, results and governance structure under the title “Delivering Support”.
The OPEC Fund committed US$1.5 billion in 2021 through 47 projects around the world. Investments included landmark transactions such as the award-winning Temane power plant in Mozambique, support for small rural agricultural producers in Honduras and the construction of water supply and sanitation infrastructure in Sierra Leone. The OPEC Fund’s existing US$1 billion COVID-19 response facility was fully utilized by the end of 2021.
In 2021 the OPEC Fund had its inaugural credit rating of AA+/stable outlook from Fitch and AA/positive outlook from Standard & Poor’s. The ratings marked a key milestone for the institution, not only because of the recognition of the OPEC Fund’s strong fundamentals, but also for the significant development potential they will allow to unlock over the coming years.
Addressing the climate challenge, the OPEC Fund Annual Report advocates “an energy transition that works for everyone” and calls for an approach that combines energy security with strengthening climate resilience.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA/Positive Outlook by S&P in 2021. Our vision is a world where sustainable development is a reality for all.