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OPEC Fund and African Development Bank Group increase cooperation to promote sustainable development in Africa
November 8, 2022: The OPEC Fund for International Development and the African Development Bank Group (AfDB) are expanding their partnership with a Memorandum of Understanding (MoU) signed at the UN Climate Conference COP27 in Sharm El-Sheikh, Egypt, today.
In the document the institutions agree to expand their partnership to support sustainable economic and social development in Africa. For this the MoU aims to establish the scope for further strategic and operational cooperation through co-financing of public and private sector projects, joint diagnostic and analytical work and sharing of knowledge and best practices.
The OPEC Fund and AfDB have been partners since the establishment of the Fund in 1976 and to date have co-financed nearly 90 projects in energy, transport and water sectors with over US$1 billion of OPEC Fund contribution for over US$15 billion of total project value.
Signing the agreement, OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “Promoting sustainable development in Africa has been our focus with more than half of our historic commitments dedicated to the continent. The MoU signals our ambition and preparedness to do more and support African economies in tackling the multiple development challenges they are facing. We share a common vision and values with AfDB and look forward to boost our impact across Africa.”
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 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 Outlook Positive by S&P. Our vision is a world where sustainable development is a reality for all.