01 | THE HIGHLIGHTS – PARTNERSHIPS
The World Bank has traditionally been the OPEC Fund’s largest co-financing partner, with more than
230 projects
by end-2024
Saharan Africa, with the WFP as the lead technical partner and a crucial role in project design, technical review and implementation. Additionally, the OPEC Fund joined the Energy Transition Accelerator Financing (ETAF) platform of the Interna- tional Renewable Energy Agency (IRENA), a global initi- ative that seeks to mobilize funds for renewable energy investments. The platform is mobilizing capital to scale up the financing of renewable energy technologies to 5 GW by 2030. The OPEC Fund’s partners in ETAF include the African Development Bank (AfDB), Asian Infrastructure Investment Bank (AIIB), European Bank for Reconstruc- tion and Development (EBRD), International Finance Corporation (IFC), Islamic Development Bank (IsDB) and private sector investors such as Masdar, the UAE clean energy developer, HSBC, a British bank, and the insurance company Swiss Re.
The agreement marked a milestone in the OPEC Fund’s efforts to improve its portfolio diversification, strengthen its financial resilience and increase its lending capacity. It follows the recommendations of the G20-sponsored Independent Review of MDBs’ Capital Adequacy Frame- works. The review calls on MDBs to expand their capital markets activities by - among others - leveraging their risk-taking capacity to boost lending by US$200 billion over the next decade. Partnerships also matter in addressing key development challenges such as climate change and food security. The OPEC Fund spearheaded the Food Security and Climate Adaptation Facility in 2024 in partnership with the UN World Food Programme (WFP), the International Fund for Agricultural Development (IFAD) and other partners with the goal of mobilizing US$500 million in investments by 2030. The facility will kick-off with pilot initiatives in Sub–
Cindy McCain, Executive Director of the World Food Programme
IFAD President Lario and OPEC Fund President Alkhalifa joined
(WFP), in Vienna, June 25, 2024
forces with WFP in fighting hunger in the world
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