OPEC Fund to co-finance up to US$2 billion with the African Development Fund to accelerate development across Africa

Vienna, Austria - December 16, 2025: The OPEC Fund for International Development (the OPEC Fund) has announced up to US$2 billion in co-financing with the African Development Fund (ADF) for the period 2026–2030, reaffirming its long-standing commitment to Africa and to concessional financing for the continent’s most vulnerable countries.

The co-financing announcement was made by OPEC Fund President Abdulhamid Alkhalifa during the 17th replenishment session of the ADF, the concessional financing window of the African Development Bank Group. ADF provides grants and highly concessional loans to the continent’s least developed and fragile countries. Replenishments take place every three years, with the previous round (ADF-16) mobilizing a record US$8.9 billion.

President Alkhalifa said: 

“Africa remains central to the OPEC Fund’s development mandate and we are firmly committed to deliver affordable, long-term financing where it is needed most across the continent. By joining forces through the African Development Fund, we are investing in energy access, food security, climate resilience and human capital - foundations that are critical for sustainable growth and stability across the continent.”

Africa accounts for the largest regional share of the OPEC Fund’s portfolio. Since its establishment in 1976, the institution has approved more than US$14.6 billion in financing for African countries. Under its Strategic Framework 2030, the OPEC Fund is scaling up its operations, with Africa a core focus of engagement.

The replenishment event was hosted by the European Bank for Reconstruction and Development (EBRD) in London and brought together the AfDB Group and development partners such as the Islamic Development Bank Group and the Arab Bank for Economic Development in 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$30 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.