03 | THE OPEC FUND – MEMBER COUNTRIES
MEMBER
COUNTRIES
The members of the OPEC Fund for International Development are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela.
Since the member countries established the OPEC Fund in 1976, there have been four replenishments of the Fund’s financial resources. The fourth round of replenishment is currently underway and is scheduled to end in 2024. The OPEC Fund exclusively finances development projects in non-member, low and middle income countries. The Agreement Establishing the OPEC Fund stipulates that member countries do not receive a dividend, cannot withdraw paid- in capital and are not eligible for OPEC Fund assistance other than emergency grants. The resources, which are complemented by interest and treasury incomes, are deployed in support of development projects that strive to deliver the 2030 United Nations Sustainable Development Goals (SDGs). In June 2019, the member countries approved the Strategic Framework 2030, which set the OPEC Fund on course to tap the capital market by issuing debt. A first private placement with a volume of US$50 million and a tenor of three years was successfully executed in December 2022 within a designated SDG bond framework.
STATEMENT OF CONTRIBUTIONS TO THE OPEC FUND BY MEMBER COUNTRIES AS OF DECEMBER 31, 2022 (IN US$MN)*
Country
Pledged
Paid-in
Algeria
105.6
99.5
Ecuador
7.2
6.2
Gabon
3.8
3.5
Indonesia
13.1
11.9
Iran
529.4
237.7
Iraq
154.8
141.4
Kuwait
380.2
358.2
Libya
211.0
153.2
Nigeria
249.8
228.2
Qatar †
94.9
94.9
Saudi Arabia
1,055.7
994.7
United Arab Emirates
174.2
164.1
Venezuela
481.8
370.6
3,461.5
2,864.1
Total
* Rounded to the nearest hundred thousand dollar. † Qatar was a member of the OPEC Fund until July 1, 2019.
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