01 | THE HIGHLIGHTS – AT A GLANCE
Private sector
The OPEC Fund provided US$317.9 million through 10 projects in the private sector in 2023. Private sector loans played an important role in the delivery of the Climate Action Plan. Meanwhile, loans to commercial banks were provided for on-lending to local small businesses, often led by women.
Trade finance
The OPEC Fund provided US$272.6 million via 8 trans- actions to beneficiaries in Africa and Asia. Addressing global food supply chain disruptions and securing access to energy were among the main priorities.
Partnerships
Climate Action Plan
Leveraging its own commitments, the OPEC Fund continued its efforts to catalyze joint and coordinated action from its partners. In 2023, we joined forces with the Arab Coor- dination Group (ACG) to pledge a total of US$50 billion to support African countries by 2030. We also jointly announced with the ACG a US$10 billion strategic initiative for an inclusive, affordable and equita- ble energy transition in developing countries to be deployed by 2030.
The OPEC Fund has set itself the target of commit- ting 25 percent of all new financing to climate action by 2025 and 40 percent by 2030. Delivery is ahead of schedule and target: In 2022 (according to latest availa- ble numbers), climate finance accounted for 33 percent of total approvals. Recent examples include financing for a solar plant in Niger and wind farms in Azerbaijan and Uzbekistan.
Visibility
Recognition
The second edition of the OPEC Fund Development Forum in June 2023 established the event as an internationally recognized platform for discussing development through a South-South lens. The OPEC Fund also participated in various annual meetings, conferences and events of its development partners around the world, raising the institution’s recognition and visibility.
The OPEC Fund won international acclaim on multiple fronts. The financing of a 584 MW power plant in Bang- ladesh won “Best Infrastructure Deal” and “Best Project Finance Deal in South Asia”; we were also honored with the “Top Partner Award” from the Islamic Trade Finance Corporation; and President Abdulhamid Alkhalifa ac- cepted the “Abdul Latif Youssef Al-Hamad Development Award” for our role as co-financier of the 1.95 GW South Helwan power plant in Egypt.
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