FOREWORD BY THE
DIRECTOR-GENERAL
In the face of a global economic downturn, the OPEC Fund rose again to the challenge.
DR. ABDULHAMID ALKHALIFA OPEC Fund Director-General
Dear Reader,
The OPEC Fund’s engagements were widely distributed across our core regions of Africa, Asia and Latin America & the Caribbean. We saw significant increases in public sector lending and very positive trends in our private sector activities. Our trade finance program is playing an important part in helping to overcome global supply chain disruptions. What characterized our performance in 2022 was the need to combine short-term emergency action with support for long-term structural reforms. Massive disruptions of food supply chains led to a dramatic resurgence of hunger across the world. Prices rose rapidly and made essential supplies unaffordable for the most vulnerable populations. The OPEC Fund responded with a US$1 billion Food Security Action Plan in June leading to a US$10 billion facility from the Arab Coordination Group (ACG).
Implementation proceeded quickly: I was able to sign an initial US$100 million loan with the government of Jordan in October, forging an agreement that combines funding for emergency imports of grain with financing investments in storage infrastructure. It is important to note that our loan was part of a wider financing package that will eventually total almost half a billion US dollars and includes contributions from the Islamic Development Bank and the European Bank for Reconstruction and Development. This is indicative of the OPEC Fund’s ability to mobilize funds from considerably larger development partner institutions. Cooperation is likewise our chosen approach when it comes to climate ac- tion. Addressing the twin challenges of energy access and climate change, the
The OPEC Fund for International Development is looking back on a tumultuous year for people world- wide. In the face of a global economic downturn, soaring inflation and severe disruptions in basic supplies, the OPEC Fund rose again to the challenge and committed US$1.6 billion in new fund- ing through 48 projects around the world. Our results demonstrate our steadfast commitment to the achievement of the United Nations Sustainable Development Goals and South-South cooperation. This mandate, which our founders imparted when they established the OPEC Fund in 1976, remains the source of our strength. Our robust financials allow us to fulfil our role in line with the aspirations of our member countries for whose support, guidance and advice we are grateful.
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