The OPEC Fund for International Development (OPEC Fund) concluded its participation in the 2024 World Bank-IMF Annual Meetings with a strong commitment to global development, announcing nearly half a billion US dollars in new financing agreements with partner countries. These agreements highlight the OPEC Fund’s dedication to advancing critical development goals, including climate resilience, energy transition, sustainable agriculture, and socio-economic empowerment.
Key Highlights:
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Significant Financing Commitments:
The OPEC Fund signed loan agreements totaling close to $450 million with Benin, Bhutan, Côte d’Ivoire, Jordan, Oman, and a bank in Uzbekistan. These funds will support crucial projects ranging from infrastructure development and renewable energy generation to agricultural support and human capital development.*
Enhanced Partnerships:
The OPEC Fund and the World Bank Group solidified their partnership by signing a Co-Financing Framework Agreement (CFA) and a Memorandum of Understanding (MoU). These agreements are expected to further boost co-financing opportunities, enabling both organizations to amplify their development impact.*
Strengthened Regional Collaboration:
The OPEC Fund also entered into new partnership agreements with regional institutions like Fonplata and CAF, expanding its operations and development efforts in the Latin America and Caribbean (LAC) region.
OPEC Fund President Dr. Abdulhamid Alkhalifa
emphasized the significance of the Annual Meetings as a platform for connecting with key stakeholders and aligning efforts to meet the development needs of partner countries. He stated, “This year’s meetings have proven to be an excellent platform for fostering partnerships and strengthening collaboration. Through new financing agreements, we are taking decisive steps to enhance connectivity, foster economic resilience, and empower communities across our partner countries.”
Specific Projects and Allocations:
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Benin:
A US$26 million loan to support the Horticulture Development Support Project (PADMAR-E) will enhance food security and increase the income of small-scale horticulture farmers.*
Bhutan:
A US$50 million loan will contribute to the development of two hydropower plants, strengthening Bhutan’s energy security and renewable energy generation.*
Côte d’Ivoire:
A €60 million Program-Based Loan (PBL) will upgrade infrastructure and boost economic competitiveness in the country’s transport and energy sectors.*
Jordan:
A US$100 million PBL will support the Jordan Human Capital Program, aimed at enhancing and preserving human capital.*
Oman:
A US$180 million loan, the first tranche of a US$392 million financing facility, will fund the Khasab-Daba-Lima Road Project, enhancing regional connectivity.*
Uzbekistan:
A US$40 million loan to Sanoat Qurilish Bank (SQB) will support small and medium-sized enterprises and the agriculture sector in Uzbekistan.
The OPEC Fund’s Commitment to Sustainable Development
The OPEC Fund is committed to driving sustainable development and empowering communities globally. Its mission is to provide financing from member countries to non-member countries, working in partnership with developing country partners and the international development community to stimulate economic growth and social progress. Since its establishment in 1976, 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’s dedication to impactful development initiatives is reflected in its focus on projects that address essential needs, including food security, energy access, infrastructure development, clean water and sanitation, healthcare, and education. The organization’s commitment to sustainability and its strong financial standing, as reflected in its AA+/Outlook Stable rating by Fitch and AA+, Outlook Stable rating by S&P, solidify its position as a reliable and impactful force in global development.
