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OPEC Fund Director-General Abdulhamid al-Falifah underlined the Fund’s increasing importance in times of global uncertainty. “In a year marked by global challenges, the OPEC Fund has expanded its capacity to respond to the growing needs of partner countries,” Al-Farifa said. The expansion of lending programs in various sectors and the mobilization of development assistance through partnerships with other multilateral development banks demonstrate the Fund’s active role in the international development community.
The fund’s investments in 2023 span multiple continents, with the majority of funds going to Africa (42%), followed by the Middle East, North Africa, Europe, Central Asia, Latin America, the Caribbean, Asia and the Pacific. The project continued. The project’s geographic spread reflects the Fund’s global mission, which aims to support development projects in low- and middle-income countries.
Most of the funds were used for policy financing aimed at supporting governments in implementing programs that promote sustainable development. For example, projects to strengthen economic, social and climate resilience were funded in Botswana, Ivory Coast, Armenia, North Macedonia, Colombia and Paraguay.
Additionally, the Fund has made significant investments in the transport and warehousing sector, including support for the construction of roads and sustainable transport infrastructure in India, the Kyrgyz Republic, Tajikistan, Uzbekistan and Bosnia and Herzegovina. These projects aim to improve connectivity and, in turn, economic development in their respective countries.
Promoting renewable energy was another focus of the 2023 fund, which included projects such as the development of solar power plants in Niger and wind farms in Azerbaijan and Uzbekistan. These investments are in line with the OPEC Fund’s Climate Action Plan, which aims to dedicate 40 percent of all new funding to combating climate change by 2030.
In addition to these direct investments in development projects, OPEC funds are strengthening their presence in the capital markets. The first benchmark SDG bond issue of the year was successfully launched, raising US$1 billion to be earmarked for sustainable development projects. This move, together with the Fund’s high credit rating of AA+ with a stable outlook by Standard & Poor’s, underscores the international community’s confidence in the Fund’s ability to make a significant contribution to global development.
OPEC
OFID
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