Highlights:
- New commitments close to half a billion US dollars with
Benin, Bhutan, Côte d'Ivoire, Jordan, Oman
and a bank in Uzbekistan
- Major cooperation and co-financing framework agreement with
the World Bank Group with an operational focus on climate, food
security and infrastructure
- New partnership agreements to expand operations and
development impact in the Latin
America and Caribbean (LAC)
region
VIENNA, Oct. 28,
2024 /PRNewswire/ -- The OPEC Fund for International
Development (the OPEC Fund) concluded its participation in the 2024
World Bank-IMF Annual Meetings with robust new financing
commitments, signing loan agreements totaling nearly half a billion
dollars with partner countries. These agreements underscore the
OPEC Fund's commitment to advancing global development goals,
including climate resilience, energy transition, sustainable
agriculture and socio-economic empowerment.
OPEC Fund President Dr. Abdulhamid
Alkhalifa said: "The Annual Meetings provided a vital
opportunity for the OPEC Fund to connect with key stakeholders and
align our efforts to meet the development needs of our partner
countries. 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."
In a significant move to strengthen collaboration, the OPEC Fund
and the World Bank Group signed a Co-Financing Framework Agreement
(CFA) and a Memorandum of Understanding (MoU) during the meetings.
These agreements, signed by OPEC Fund President Dr. Abdulhamid Alkhalifa and World Bank Group
President Ajay Banga, are expected
to boost co-financing opportunities. OPEC Fund President Alkhalifa
and members of the delegation met with each regional Vice President
of the World Bank for a deep-dive into countries and operational
priorities.
The OPEC Fund's new loans in partner countries include:
- Benin: US$26 million loan to support the Horticulture
Development Support Project (PADMAR-E) aimed at enhancing food
security and increasing the income of small-scale horticulture
farmers
- Bhutan: US$50 million loan to help develop two hydropower
plants, aimed at strengthening Bhutan's energy security and renewable energy
generation
- Côte d'Ivoire: €60 million Program-Based Loan (PBL) to upgrade
infrastructure and boost economic competitiveness in the country's
transport and energy sectors.
- Jordan: US$100 million PBL to support the Jordan Human
Capital Program, which aims to enhance and preserve human
capital.
- Oman: US$180 million loan, as the first tranche of a
US$392 million financing facility,
for the Khasab-Daba-Lima Road Project, to enhance regional
connectivity
- SQB Bank of Uzbekistan:
US$40 million loan to Sanoat Qurilish
Bank (SQB), to support small and medium-sized enterprises as well
as the agriculture sector in Uzbekistan.
The OPEC Fund also signed partnership agreements to expand
cooperation with partner institutions, such as Fonplata and CAF,
and enhance development efforts in the LAC region.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is
the only globally mandated development institution that provides
financing from member countries to non-member countries
exclusively. The organization works in cooperation with developing
country partners and the international development community to
stimulate economic growth and social progress in low- and
middle-income countries around the world. The OPEC Fund was
established in 1976 with a distinct purpose: to drive development,
strengthen communities and empower people. Our 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
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 is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable
by S&P. Our vision is a world where sustainable development is
a reality for all.
Media Contact:
Basak Pamir,
T+43151564174,
B.Pamir@opecfund.org
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