01 | THE HIGHLIGHTS – AT A GLANCE
Solidarity
Grants
The OPEC Fund entered a three-way arrangement with its member country Saudi Arabia to clear Somalia’s debt with the OPEC Fund and enable the restart of operations in the east African country. The OPEC Fund organized a roundtable for Sierra Leone to mobilize investments and earmarked US$250 million until 2030 in support of projects in the west African country.
Grant commitments rose markedly in 2024 compared to 2023, reaching a total of US$13.8 million. In line with the OPEC Fund’s overall strategy, grants played an increasing role in financing technical assistance for project preparation as well as kickstarting initiatives such as access to clean cooking.
Clean Cooking
The OPEC Fund signed its first US$35 million clean cooking loan in favor of the SMART Clean Cooking Project in Madagascar. The funding will support the provision of non-polluting equipment in a country where only 1.6 percent of the population has access to clean fuels. The OPEC Fund also published its first Clean Cooking Report in 2024, analyzing obstacles to the proliferation of clean alternatives and examining ways to overcome them.
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