04 | THE ORGANIZATION – ABOUT THE OPEC FUND
ABOUT THE OPEC FUND
The OPEC Fund for International Development is a multilateral institution dedicated to supporting the achievement of the Sustainable Development Goals through the provision of financing, technical assistance and knowledge sharing.
VISION STATEMENT
Established in 1976, the OPEC Fund is the only global multilateral develop- ment finance institution that extends its support exclusively to non-member countries in the low- and middle-income range as defined by the World Bank. To date, the OPEC Fund has committed about US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. Day-to-day business is guided by the Strategic Framework 2030, which is currently in the second phase of implementation during which the OPEC Fund seeks to expand its operations and to deepen its impact. This has become possible thanks to the successful tapping of the capital market with the issuance of the inaugural benchmark bond in January 2023 which raised US$1 billion in additional development funding. In its strategy, the OPEC Fund identifies seven key focus areas: agriculture, education, energy, financial institutions, health, transportation and water & sanitation. Support is available in the form of loans, trade finance, guaran- tees, grants and equity. While the majority of investments has traditionally been geared towards the public sector, the institution has also built a strong presence in the private sector over the past 25 years. A new product of growing importance is policy-based lending, which supports structural gov- ernment programs as well as concrete projects within this framework. Leveraging its own commitments the OPEC Fund is able to catalyze substan- tial engagement and funds from its partners, which include governments, in- ternational and regional development institutions as well as the private sector.
Our vision is a world where sustainable development is a reality for all.
56
Powered by FlippingBook