Vienna. OPEC FUND. HORNA
The OPEC Fund for International Development (the OPEC Fund) in Vienna, is a multilateral development finance institution established in 1976 by 12 Member Countries, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela.
OPEC FUND work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare, and education.
To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries mostly in Africa. Our vision is a world where sustainable development is a reality for all.
In this Year 2022 the OPEC FUND supported several African countries in different ways. Here is the Review of most important Projects financed by the Organization.
- November 8, 2022: The OPEC Fund for International Development and the African Development Bank Group (AfDB) expanded their partnership with a Memorandum of Understanding (MoU) signed at the UN Climate Conference COP27 in Sharm El-Sheikh, Egypt.
The OPEC Fund and AfDB have been partners since the establishment of the Fund in 1976 and to date have co-financed nearly 90 projects in energy, transport, and water sectors with over US$1 billion of OPEC Fund contribution for over US$15 billion of total project value.
- October 12, 2022: The OPEC Fund for International Development provide a US$20 million loan to the Republic of Ghana to support the Integrated Rural Development Project —Phase 2. The project will help close the inequality gap between rural and urban areas through the development of social and economic infrastructure, benefit 120,000 people across 16 regions and create about 2,000 job opportunities for vulnerable and poor populations.
- September 20, 2022: The OPEC Fund for International Development extended a US$11 million loan to the Republic of Chad to support Phase 2 of the Abéché National Institute of Science and Technology (INSTA) Expansion Project to strengthen higher scientific education.
- September 16, 2022: The OPEC Fund for International Development provided a US$60 million loan in support of the Northern Agro-Industrial Pole Project (2PAI-Nord) in Côte d’Ivoire to finance the development of high-potential geographical areas called agricultural growth poles or Agropoles. Co-financed with the African Development Bank (AfDB), the 2PAI-Nord project will improve food and nutritional security by reducing the dependence on food imports and increasing the export of highly competitive agricultural product.
- September 9, 2022: The OPEC Fund for International Development has approved a US$20 million loan and a US$240,000 complementary technical assistance grant to the Republic of Liberia to co-finance the Sustainable Management of Fisheries Project together with the World Bank.
- The OPEC Fund for International Development and the Eastern and Southern African Trade & Development Bank (TDB) are deepening their cooperation with OPEC’s Fund latest commitment of debt and equity totaling US$ 40 million. These recent investments in TDB aim to further strengthen the partnership and unlock synergies in support of sustainable development in Africa.
- The OPEC Fund for International Development provided a US$15 million loan to the Republic of Zimbabwe in support of the Smallholder Agriculture Cluster Project (SACP) to increase productivity and improve household incomes. Co-financed with the International Fund for Agricultural Development (IFAD) and the private sector, the program will help to transform the small-scale farming sector and increase farmers’ participation in market-oriented and climate-smart value chains.
- The OPEC Fund for International Development has become the largest supporter of a program that will create sustainable livelihoods in Lesotho with a US$19 million loan. The “Regeneration of Landscape and Livelihood Project” (ROLL) will benefit rural communities in the southern Africa country, whose economy is largely based on agriculture with 70 per cent of rural households depending on it
- May 17, 2022: The OPEC Fund for International Development (the OPEC Fund) provided a US$18 million loan to the government of Rwanda to support the “Nyacyonga–Mukoto Road Project”, helping to improve living standards and economic livelihoods in the country. The project has a total cost of US$41 million and will be co-financed by the Arab Bank for Economic Development in Africa (BADEA) and the government of Rwanda.
- April 11, 2022: The OPEC Fund for International Development has signed a US$100 million loan agreement with the government of Morocco to help build an inclusive financial sector as part of broader efforts to modernize the economy and support the Kingdom’s recovery from the COVID-19 pandemic.