THE HISTORY OF THE OPEC FUND
Transforming for the Future –
I n November 2018, Director-General Al-Herbish handed over leadership of the OPEC Fund to Abdulhamid Alkhalifa at a pivotal moment for the institution. The OPEC Fund had built a strong reputation over four decades as a trusted partner for developing countries, grounded in its founding mission of South-South cooperation. Yet the global development landscape was changing rapidly. Financing needs were rising, crises were becoming more frequent and traditional aid and replenishment models were proving increasingly constrained. President Alkhalifa assumed office with a dual challenge. He was tasked with safeguarding the OPEC Fund’s legacy while ensuring that the institution remained relevant, responsive and capable of operating at greater scale. Within a year, this imperative was translated into a comprehensive strategic reset. In 2019, the Ministerial Council endorsed the Strategic Framework 2030, the most far-reaching reform agenda in the institution’s history. It
articulated a clear ambition: to transform the OPEC Fund into a more dynamic, efficient and financially sustainable multilateral development bank, better equipped to support partner countries. Its implementation began just as the COVID-19 pandemic exposed deep vulnerabilities across the global economy and underscored the importance of resilient and agile development finance institutions. A visible sign of this transformation was the return to the institution’s full name – the OPEC Fund for International Development – and the retirement of the acronym OFID. A brand evolution followed with a new visual identity, refreshed values, as well as vision and mission statements. For much of its history, the OPEC Fund had relied exclusively on capital contributions from its member countries to finance its operations. The most recent replenishment in 2011 amounted to US$1 billion. While this model had served the institution well, growing demand from partner countries and the scale of global
Abdulhamid Alkhalifa
Abdulhamid Alkhalifa, a Saudi Arabian national, was first elected as head of the OPEC Fund for International Development at the institution's June 2018 Ministerial Council meeting. Mr. Alkhalifa officially assumed his post on November 1, 2018. On June 21, 2023, the OPEC Fund's Ministerial Council unanimously re-elected Mr. Alkhalifa for a second five-year term as President that commenced on November 1, 2023. Prior to his appointment at the OPEC Fund, Mr. Alkhalifa was Deputy Secretary General of the Saudi Arabian Public Investment Fund (PIF) from 2014 to 2018 and advisor to the Secretary General from 2010 to 2014. He has also held a number of leadership positions at the World Bank Group and served the government of Saudi Arabia in various capacities. President Alkhalifa holds a PhD in Economics from the University of Miami, Florida, and a Master's in Applied Economics from Southern Methodist University in Dallas, Texas.
Member countries’ contributions
Contributions to the OPEC Fund by member countries as of December 31, 2025 (in US$ millions)*
Country
Pledged
Paid-in
Algeria Ecuador
105.6
105.6
OPEC FUND MISSION “Together we drive development, strengthen communities and empower people.”
7.2 3.8 13.1
6.2 3.8 13.1
Gabon
Indonesia
Iran Iraq
529.4 154.8 380.2
237.7 154.8 380.2
Kuwait
Libya
211.0
211.0
OPEC FUND VISION “A world where sustainable development is a reality for all.”
Nigeria Qatar**
249.8
249.8
94.9
94.9
Saudi Arabia
1,055.7
1,055.7
United Arab Emirates
174.2 481.8
174.2 370.6
Venezuela
OPEC FUND VALUES
Total
3,461.5
3,057.4
* Rounded to the nearest hundred thousand dollar ** Qatar was a member of the OPEC Fund until July 1, 2019
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