01 | THE HIGHLIGHTS – RESULTS
RESULTS
Coming of age The OPEC Fund attains record results and sets the bar higher still
for on-lending to small businesses in its partner country Paraguay. The enhanced access to finance will particularly benefit women-led enterprises. The regional distribution of the OPEC Fund’s financing in 2024 saw the Middle East, North Africa, Europe and Central Asia narrowly ahead with 39 percent of total commitments, followed by Sub-Saharan Africa (34 percent), Asia and the Pacific (13 percent), and Latin America and the Caribbean (11 percent). The signing of Country Partnership Frameworks with the Central Asian republics Kazakhstan, Turkmenistan and Uzbekistan made for a significant increase in new loans across multiple sectors. 39+34+13+11+3+ H % 11 3 39 34 13 Asia and the Pacific Latin America and the Caribbean Multiregional Middle East, North Africa, Europe and Central Asia Sub-Saharan Africa Figure 1: Regional distribution of the OPEC Fund’s US$2.3 bn financing in 2024
For a second year in a row, the OPEC Fund for Inter- national Development reported record results in 2024 with strong increases in terms of new financing and new projects. Total new commitments rose to US$2.3 billion, a 35 percent increase year-on-year, across more than 70 projects, itself a 40 percent increase over 2023. New commitments in 2024 supported each of the OPEC Fund’s focus areas: climate action, food security, infra- structure development, the energy transition, digital connectivity and the creation of economic opportunities for sound growth and sustainable development. The largest segment of last year’s funding was poli- cy-based lending (19 percent), supporting govern- ment-led sustainable development programs and policy implementation to create an environment that attracts investors and allows projects to thrive. One example was a US$100 million loan to increase the competitiveness and resilience of Moroccan companies in the face of climate change. In 2024, the OPEC Fund also added sustainability-linked financing to its offering and signed a US$40 million loan to the African agricultural commodity trader ETC Group together with partners. The financing instrument ties lending terms to pre-agreed ESG impact targets for mutual benefit. The OPEC Fund also succeeded in attracting Commercial Bank of Dubai, a financial institution from its member country United Arab Emirates, to join the syndication of a US$50 million loan provided to Banco Commercial
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