OPEC FUND Island Resilience Facility: Empowering Small Island Developing States (SIDS) Phase 2

The proposed TA grant aims to support the implementation of Phase 2 of the OPEC Fund Island Resilience Facility, which was launched by the OPEC Fund at the 2024 Development Forum and Phase 1 approved in July 2024. During Phase 2, the Facility will expand its regional scope to include both the Indian Ocean Commission (IOC) region and the Caribbean Community (CARICOM). The TA grant will support, through capacity building and advisory services, partner countries efforts’ in mobilizing climate finance as well as the identification of potential investment opportunities for the OPEC Fund and project preparation and implementation. The design of Phase 2 was informed by preliminary results of activities undertaken under the Pilot phase in the Caribbean as well as extensive consultation with national counterparts and partner organizations. The grant proceeds will be drawn from the Grant Program Allocation, with the grants to IOC and CARICOM being channeled through and administered by IOC and CARICOM, respectively. The enhanced TA grant will be administered directly by the OPEC Fund. - US$600,000 to regional entities (IOC and CARICOM), mirroring the pilot’s needs-based financing model, - US$200,000 earmarked for climate resilient, green digital technology initiatives in SIDS to be implemented by the OPEC Fund.