01 | THE HIGHLIGHTS – AT A GLANCE
AT A GLANCE
Results
The OPEC Fund for International Development posted a record US$2.3 billion in new commitments, a 35 percent increase year-on- year, significantly growing its loan portfolio. Deployed across more than 70 projects worldwide, these commitments are combating the effects of climate change, improving global food security, advancing the energy transition and fostering sustainable economic and social development. Continuing to diversify its funding resources, the OPEC Fund issued a US$500 million public benchmark bond in January 2024.
THE OPEC Fund committed a record US$2.3 billion in new development finance in 2024
Impact
OPEC Fund projects completed or reaching early operational maturity during the period July 2023 to June 2024: • benefitted more than 75,000 farmers, • provided 300,000 households with new or improved energy connections, • financed 1,250 micro, small and medium-sized enterprises, • empowered almost 35,000 women, • built or rehabilitated over 500 km of roads, and • helped cut almost 75,000 tons in CO 2 emissions per year.
Growth
The OPEC Fund broadened its outreach by concluding framework agreements with Kazakhstan, Turkmenistan and Uzbekistan, the first project signing in Bhutan and the debut operation in Montenegro. The OPEC Fund also launched a new Island Resilience Facility and made a US$1 billion pledge to fight land degradation and desertification at the UN Conference to Combat Desertification (COP16) in Riyadh, Saudi Arabia.
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