OPEC Fund Allocates Over $150m for Global Development Projects

The OPEC Fund for International Development (OPEC Fund) has sanctioned financing exceeding $150 million for initiatives across Africa, Asia, Latin America, and the Caribbean.

These funds will target modern infrastructure development in sectors like health, education, agriculture, water, and sanitation, and also extend financial assistance to micro-, small-, and medium-sized enterprises (MSMEs).

OPEC Fund Director-General, Dr. Abdulhamid Alkhalifa, articulated the institution’s mission, emphasizing its dedication towards tackling global challenges.

“In the face of global volatility, the OPEC Fund is intensifying efforts to extend impactful support where most required,” he remarked.

Decisions ratified at the 185th OPEC Fund Governing Board meeting include:

  • Benin: A loan of $25.5 million is aimed at modernizing two vocational and technical schools in Djougou and Ouidah. This endeavor will elevate educational quality and equip future job aspirants with enhanced skills.
  • Guatemala: $15 million will be allocated to bolster infrastructure at Guatemala City’s National Biologicals Center (CNB). This project is designed to refine cold-chain logistics, along with storage and nationwide distribution of vital vaccines.
  • Liberia: The fisheries sector, particularly community- and women-led ventures, will benefit from a $20 million loan aiming at optimizing efficiency and sustainability.
  • Rwanda: An investment of $21.2 million will foster better water supply services in Rwamagana and parts of the capital, Kigali. The project underlines climate resilience and accessibility to safe water sources.
  • Tajikistan: School infrastructure in three provinces will receive a $8 million boost, fostering enriched learning environments.
  • Uganda: The Uganda Development Bank will gain from a $25 million loan, prioritizing MSMEs, and enterprises helmed by women or the youth.
  • Zimbabwe: With a focus on sustainable horticulture, a $15 million loan is projected to uplift sales for smallholder farmers and MSMEs across ten provinces.
  • Albania: A private sector loan of €20 million will channel funds towards MSMEs, the agribusiness sector, and green energy projects, propelling Albania’s economic trajectory.

Moreover, the OPEC Fund Governing Board greenlit the inception of the Energy Access and Climate Action Trust Fund. Initially focusing on sub-Saharan Africa, this facility aspires to amplify financing for the region’s energy transition and will later extend its reach.

Established in 1976, the OPEC Fund is a unique global development institution channeling financial aid from its member nations to non-member countries.

Collaborating with developing nations and the global development community, the OPEC Fund has dedicated itself to catalyzing economic growth and societal advancement in low- and middle-income nations.

With a commendable track record of committing over $24 billion to projects spanning 125 countries, the OPEC Fund envisions a world that universally embraces sustainable development.

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