OPEC Fund Approves US$645 Million in new financing

The OPEC Fund for International Development has approved US$645 million in new financing since its last Governing Board session, backing projects across 14 partner countries in Africa, Asia, Europe and Latin America. The package includes US$435 million for public sector projects and US$210 million for private sector operations.

President Abdulhamid Alkhalifa said the investments target the essentials that underpin long-term development. "These investments address essential foundations of sustainable development: reliable water and energy, resilient infrastructure, effective economic institutions and access to finance," he said. "By working across the public and private sectors, the OPEC Fund is helping partner countries overcome immediate constraints while creating the conditions for greater opportunity and long-term resilience."

Public Sector operations 

El Salvador: A US$30 million loan will improve urban mobility and road connectivity in the San Salvador Metropolitan Area, reducing congestion and travel times by financing the upgrade of 2.4 km of road and contributing to the completion of new grade-separated interchanges along two of the main urban corridors.

Morocco: A US$150 million investment will help finance a major new dam designed to improve water security and climate resilience by reducing flood risks and supporting sustainable agriculture.

Sierra Leone: A US$45 million loan will support the "Bumbuna-1 Hydroelectric Power Station Expansion Project", adding 60 MW of renewable generation capacity for approximately 1.4 million people in the capital, Freetown.

Sri Lanka: A US$30 million policy-based loan will support structural reforms aimed at increasing investment and creating jobs, including measures to lower trade barriers and strengthen the financial sector.

Tajikistan: A US$30 million loan will help finance Phase 1 of the "Rushan-Varshez Road Rehabilitation Project", reconstructing an 82.2 km section of the Dushanbe-Kulma-China Border highway.

Zambia: A US$30 million loan will support the "Zambia Accelerating Sustainable and Clean Energy Access Transformation (ASCENT) Program", reinforcing electricity distribution networks across 10 provinces.

Private Sector operations

Armenia: A US$30 million loan to one of Armenia's leading privately owned banks will expand financing for small and medium-sized enterprises (SMEs) across the country.

Azerbaijan: A US$40 million senior secured project loan will support the "Caspian Sea Water Desalination Project" in Sumgayit, the country’s first large-scale seawater desalination plant.

Azerbaijan: A US$20 million senior loan to a local financial institution will expand access to finance for micro, small and medium-sized enterprises (MSMEs), including women-owned businesses.

Kazakhstan: The OPEC Fund's first private sector financing in the country - a US$30 million loan to a local financial institution – will support lending to SMEs and agribusinesses.

Oman: Financing of up to US$40 million will support the construction of the Plaza District within Yiti Sustainable City, a mixed-use development targeting net-zero emissions by 2040.

Paraguay: The OPEC Fund has been mandated to arrange a syndicated term loan of up to US$100 million, comprising US$50 million from the OPEC Fund’s own account and an additional US$50 million expected to be provided by FinDev Canada. The financing will support lending to agribusinesses, MSMEs and women-led MSMEs in Paraguay.