01 | THE HIGHLIGHTS – RESULTS
US$ 261 MN The OPEC Fund tripled its agriculture commitments to with a strategic priority to boost global food security
These included support for renewable energy projects, a key pillar of the OPEC Fund’s Climate Action Plan. Delivery of the initiative came in ahead of target with renewable projects representing almost 40 percent of the institution’s energy sector commitments in 2024. Climate action was a compo- nent of projects in all other sectors as well, with particularly strong contributions from financial institutions and transport. In 2024, the OPEC Fund broke ground in new areas of engagement. A first project loan was signed with the Kingdom of Bhutan, providing US$50 million in financing to the Begana and Gamri hydropower project. Another premiere in an eventful year was the first loan signing with Montenegro, which dedicated ¤50 million to strength- ening fiscal sustainability and the green transition of this southeast European country. In other sectors, the OPEC Fund tripled its agriculture commitments to US$261 million compared to 2023, in line with its strategic priority to boost global food security. To
support sustainable and climate resilient infrastructure, significant funding (12 percent) was delivered to enhance connectivity in the transport sector. In the financial sector, the OPEC Fund allocated more than US$270 million to partner with governments and local banks for on-lending to small and medium-sized enterprises, driving job creation and enhancing access to finance. Elsewhere, the OPEC Fund allocated more than US$375 million to trade finance activities that ensured sustainable supplies of agriculture products and supported energy security and resilience. Building on these strong foundations and responding to high global demand for development financing, the OPEC Fund has set itself ambitious targets. Over the 2025-2030 period, the institution will target total financing commit- ments of US$20 billion to partner countries. This means delivering almost as much financing in six years as during the previous 45.
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