01 | THE HIGHLIGHTS – AT A GLANCE
AT A GLANCE
Results
The OPEC Fund posted a record US$1.7 billion in new commitments across 55 projects, providing funding to develop infrastructure, create equitable economic op- portunities and develop human capital and institutional capacity in response to the growing needs of our partner countries. Measuring impact, we find that in the period from July 2022 to June 2023 all 43 projects approved by the OPEC Fund during that time contributed to at least one Sustainable Development Goal (SDG), with a majority (60 percent) contributing to two or more.
Inaugural bond
The OPEC Fund issued its inaugural benchmark bond at the beginning of 2023. The 3-year fixed-rate bond raised US$1 billion and the new funds are financing or refinancing key sustainable development pro- jects. The bond with a 4.5 percent coupon attracted strong interest from investors globally and was almost 1.5 times oversubscribed.
Geographic spread
Sub-Saharan Africa received 42 percent of new commitments, the Middle East, North Africa, Eastern Europe & Central Asia accounted for 20 percent, Latin America & the Caribbean attracted 20 percent of new commitments, followed by Asia & the Pacific with 18 percent of public and private sector lending, trade finance and grants operations.
MENA, Eastern Europe & Central Asia
Public sector
20%
Sub- Saharan Africa
The OPEC Fund committed US$1.1 billion through 26 projects in the public sector in 2023 (excluding trade finance). Investments covered a wide range of areas, spanning agriculture to transport. Supporting structural reform programs, policy-based lending is rapidly grow- ing in importance and last year accounted for US$532 million for 6 new commitments worldwide.
Latin America & the Caribbean
20%
42%
18%
Asia & the Pacific
8
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