THE HISTORY OF THE OPEC FUND
Transportation sector approvals by region
on Financing for Development, which established the framework for funding sustainable development after the Millennium Development Goals (MDGs) concluded, the summit declaration put the annual infrastructure gap in developing countries at “US$1 trillion to US$1.5 trillion” and promised “enhanced financial and technical support.” To date, the OPEC Fund has invested some US$7 billion in the transportation sector, of which 96 percent were in the public sector and 4 percent were in the private sector. Grants were provided on a very limited basis for technical assistance. The high demand for OPEC Fund support required a doubling of the institution’s resources after little more than one year. In August 1977, the member countries agreed on a first replenishment of US$800 million. The financing also reflected growing recognition that the OPEC Fund should become a permanent institution. A breakthrough was made in September
Total approvals: US$6.87 BN
Africa
Asia
Europe
Latin America & Caribbean
Amounts under US$.09 MN may not be reflected in this chart
Roads to success
In the 1990s, economic growth drove demand for better road infrastructure. Here are examples of OPEC Fund projects: 1991 Ghana National Feeder Road Rehabilitation and Maintenance Project Designed to upgrade and expand Ghana’s rural road network and foster social and economic development in rural communities, this project helped rehabilitate 2,500 km of feeder roads, re-gravel 2,850 km of agricultural access roads and construct 5,000 drainage culverts. 1992 Botswana Trans-Kalahari Road Project With the aim of providing an all-weather link between Botswana’s isolated western districts and the more populated eastern parts of the country, the project financed upgrading of the 589-km long Trans-Kgalagadi road. 1993 Bobo-Dioulasso-Orodara Mali Border Road Project in Burkina Faso This project facilitated the transport of agricultural inputs and products by upgrading a 130-km stretch of dirt road that passes through the country’s most fertile areas. Rehabilitated to all-weather, paved surface, the road promotes trade with other areas. 1994 Rehabilitation and Construction of the Nouakchott-Akjoujt Road Project This project improved the link connecting the outlying agricultural province of Inchiri with the capital city Nouakchott by rehabilitating the 254-km desert road to an all-weather surface. Access to Algeria and Morocco has been facilitated, enhancing Mauritania’s ability to export ores and minerals.
“Safe and reliable roads are essential in enabling development.”
OPEC Fund Development Effectiveness Report 2024
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