THE OPEC FUND IN THE WORLD
EVENTS
The OPEC Fund and Africa: Partnership in action
African Development Bank Memorandum of Understanding
Deepening cooperation with the African Development Bank paves the way for new engagements in projects and programs
T he OPEC Fund is intensifying its engagement in Africa. New commitments set a record in 2025 with US$1.5 billion for projects across the continent and across all key sectors. Intensifying engagement also means deepening cooperation with development partners. A key step in this direction was taken in January 2026 when OPEC Fund President Abdulhamid Alkhalifa signed an amendment to the existing Memorandum of Understanding with the African Development Bank (AfDB) on strategic cooperation. The agreement, signed for AfDB by President Sidi Ould Tah, deepens the framework for collaboration across public and private sector operations, co-financing and knowledge exchange. The cooperation between the OPEC Fund and AfDB started in 1978 and to date some 120 joint public and private sector operations have been approved, covering projects across energy, transport, agriculture, water and social infrastructure, together exceeding
US$1.5 billion. In addition to project financing, the two institutions are also working together on large programs such as Mission 300, which aims to connect 300 million people in Sub- Saharan Africa to electricity by 2030. President Alkhalifa said: “Africa remains central to the OPEC Fund’s mission. Our partnership with AfDB continues to evolve into a more strategic and impact-driven collaboration, focused on accelerating delivery and supporting country-led development priorities. By working more closely together, we can scale solutions and deliver stronger results for people and communities across the continent.” Intentions were immediately translated into action, as the OPEC Fund – together with the Trade and Development Bank Group (TDB) – joined the Alliance for Special Agro-Industrial Processing Zones (SAPZ), which aims to pool finance,
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