OPEC Fund strengthens global partnerships with new financing and cooperation agreements at 2025 World Bank-IMF Spring Meetings

Highlights:

• New financing commitments close to US$200 million to support inclusive development, climate resilience and sustainable infrastructure
• Expanded strategic collaboration with IDB, IDB Invest and other development partners
• Agreements to scale up operations and development impact in Latin America and the Caribbean, Sub-Saharan Africa and Asia    

April 25, 2025: The OPEC Fund for International Development (the OPEC Fund) has reaffirmed its commitment to global development with the signing of new partnership and financing agreements during its participation in the 2025 World Bank-International Monetary Fund (IMF) Spring Meetings in Washington, D.C. New financing commitments of close to US$200 million and expanded partnerships will reinforce the OPEC Fund’s strategic operational priorities across climate action, food security, inclusive infrastructure and economic resilience in Africa, Asia as well as Latin America and the Caribbean.

 OPEC Fund President Abdulhamid Alkhalifa said: 

“The Spring Meetings offered a unique opportunity to align strategies and accelerate joint action. The agreements signed this week reflect our shared ambition to deliver tangible results through stronger partnerships. From food systems to energy access and climate resilience, the OPEC Fund is scaling up its support to meet the needs of our partner countries.”

The OPEC Fund is turning its commitment into action with the following agreements:

• Kenya: A €60 million loan to support the “Economic Inclusion and Green Recovery Support Program”, co-financed with the African Development Bank (AfDB). The program will help the government advance structural reforms to strengthen economic governance, improve public finance transparency, enhance climate resilience and promote inclusive economic growth. The program aims to create employment opportunities, especially for youth and women, support low-carbon and green growth and strengthen policy frameworks for sustainable public service delivery. It includes reforms in e-mobility, carbon markets and green jobs and will foster private sector development, particularly in digital and climate-smart sectors.
• Bangladesh: The OPEC Fund signed a €96.10 million loan agreement with the government of Bangladesh to co-finance the “Strengthening Economic Management and Governance Program”, which supports key policy and institutional reforms to boost public sector efficiency and unlock the private sector. The program will enhance transparency and accountability in income tax administration, simplify procedures for businesses and foreign investors, enhance the performance of state-owned enterprises and promote better logistics and trade systems to support economic diversification. The OPEC Fund is partnering with the Asian Development Bank (ADB) on this project.
• Malawi: A US$20 million loan will support the “Mangochi–Mwanjati Road Upgrade Project”, co-financed with the Saudi Fund for Development (SFD). The project will rehabilitate and upgrade a 36-kilometer rural road to a two-lane route of modern and durable standards with waterproofing and heat-resistant qualities, improving transport connectivity in the country’s eastern region. 

During the Spring Meetings the OPEC Fund also signed a Memorandum of Understanding (MoU) with the Inter-American Development Bank (IDB) and IDB Invest to deepen collaboration and scale joint operations in Latin America and the Caribbean. The MoU provides a framework for identifying and co-financing sovereign and private sector projects in infrastructure, energy, agriculture, biodiversity and climate resilience. It also includes provisions for joint technical assistance, capacity building and knowledge exchange. Opportunities in Barbados, Chile, Colombia, Panama, Paraguay, Peru, Mexico and Uruguay for implementation between 2025 and 2027 are currently being assessed.

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$29 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 S&P Global Ratings. Our vision is a world where sustainable development is a reality for all.