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- OPEC Fund approves over US$150 million in new financing to drive global sustainable development
OPEC Fund approves over US$150 million in new financing to drive global sustainable development
September 14, 2023: The OPEC Fund for International Development (the OPEC Fund) has approved more than US$150 million in new financing for projects in Africa, Asia, Latin America and Caribbean regions to support the development of resilient and modern infrastructure for health, education, agriculture, water supply and sanitation management, and to provide access to finance for micro-, small- and medium-sized enterprises (MSMEs).
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said:
“The endorsement of this new financing in support of projects that will boost sustainable development in our partner countries reaffirms our commitment to help solve pressing global challenges for communities worldwide. At a time of global volatility, the OPEC Fund is stepping up to deliver meaningful and effective support where it is needed most.”
The OPEC Fund Governing Board approved the following projects at its 185th meeting:
Benin: A US$25.5 million loan will support the modernization of two vocational and technical schools in Djougou and Ouidah and is expected to improve the quality of education and enhance skills for future job seekers. These two cities have a combined population of more than 250,000 inhabitants and serve as important urban hubs.
Guatemala: A US$15 million loan will support the development of modern infrastructure at the National Biologicals Center (CNB) in Guatemala City and is expected to improve the cold-chain logistics, storage and distribution of critical vaccines and supplies nationwide.
Liberia: A US$20 million loan is expected to support and improve the management of community- and women-led fisheries, making them both more efficient and sustainable. New opportunities and better incomes will enhance the living conditions for beneficiary communities. The OPEC Fund is complementing its loan with a US$240,000 technical assistance grant.
Rwanda: A US$21.2 million loan will contribute to the improvement of water supply services in Rwamagana, a city of 50,000 people in the east of the country, and in the eastern part of the capital Kigali. It is expected to increase overall access to safe water supply services and strengthen the country’s resilience to climate change.
Tajikistan: A US$8 million co-financing loan will support the development of modern and updated school infrastructure in three provinces, thereby strengthening educational systems and learning environments.
Uganda: A US$25 million loan to the Uganda Development Bank will enhance access to short and long-term financing for MSMEs, women-owned or –led and youth-oriented companies.
Zimbabwe: A US$15 million loan will support sustainable horticultural production and is expected to increase sales by smallholder farmers and MSMEs in 10 provinces to benefit more than 70,000 households.
Albania: A €20 million private sector loan is expected to increase lending to MSMEs, including those led by women, the agribusiness sector and green energy projects, which substantially contribute to the country’s economic growth, job creation and innovation.
The OPEC Fund Governing Board also approved the establishment of an Energy Access and Climate Action Trust Fund: a new facility designed to unlock and scale-up financing for the energy transition in sub-Saharan Africa, before being expanded to other developing regions.
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$24 billion to development projects in over 125 countries with an estimated total project cost of US$190 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.