OPEC Fund Annual Report 2022

PARTNERS MAKE A DIFFERENCE

Since its inception in 1976, the OPEC Fund has always placed a special emphasis on cooperation. Although comparatively small, the institution has a proud history of mobilizing external resources — as demonstrated last year when partners in the Arab Coordination Group followed the OPEC Fund’s lead on climate action with a US$24 billion climate facility.

Working together with partner development institutions, governments and the private sector, the OPEC Fund targets key development priorities aligned with the Sustainable Development Goals (SDGs) through co-financing. Roughly four out of five operations are co-financed. The OPEC Fund’s structure allows it to swiftly respond to urgent challenges and join collaborative efforts, creating synergies, sharing knowledge and extending impactful financing where and when it is needed.

to expand its partnerships by enhancing its strategic and operational cooperation and co-financing public and private sector projects that contribute to sustainable development. The easing of COVID-19 restrictions fol- lowing the pandemic’s retreat allowed the resumption of in-person meetings at global and international events. The OPEC Fund leadership participated, among others, in the annual meeting of the Islamic Development Bank Group (June), a high-level food security event in the Kingdom of Saudi Arabia (October), the annual meeting of the World Bank

Group/International Monetary Fund (October) and the UN Climate Change Conference COP27 (November).

Building relationships and raising visibility, the OPEC Fund also hosted its first Development Forum in Vienna in June (see page 16). The high-level forum attracted more than 250 prominent participants representing governments, international organizations, multilateral development banks and private sector investors to discuss how to move from words to action under the theme “Driving Resilience & Equity”.

In 2022, the OPEC Fund continued

THE POWER OF LEVERAGE

The OPEC Fund committed US$1.6 billion to new development operations in 2022, mobilizing US$7.7 billion from its finance partners for a total project value of more than US$9.3 billion.