OPEC Fund deepens collaboration with Oman with new agreements

October 23, 2024: The OPEC Fund for International Development (the OPEC Fund) is boosting cooperation with the Sultanate of Oman with two agreements signed today during the 2024 World Bank/IMF Annual Meetings in Washington, D.C. A US$180 million loan will be provided as first tranche of a total approved loan of US$392 million in support of the Khasab-Daba-Lima Road Project. A Private Sector Framework Agreement was also signed. 

OPEC Fund President Abdulhamid Alkhalifa said: 

“We are pleased to deepen our cooperation with the Sultanate of Oman with these agreements, which align with our shared goals of promoting sustainable development and enhancing regional connectivity. The Khasab-Daba-Lima Road Project is a vital investment in the future of the country, while creating the opportunity to support the private sector will boost our activities for the benefit of the local economy.”

The Khasab-Daba-Lima Road Project will improve connectivity in the Musandam Governorate by constructing a two-lane single carriageway asphalt road, spanning approximately 70 km, between the cities of Khasab, Daba, and Lima, facilitating better access to markets and ensuring safer transport of goods and people.

Today’s loan signing brings the total amount of OPEC Fund financing to Oman to US$310 million to date.

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 about US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.