THE HISTORY OF THE OPEC FUND
The Alkhalifa Era (since 2018)
challenges made clear that additional financing capacity would be required. The Strategic Framework 2030 therefore paved the way for a fundamental shift in the OPEC Fund’s financial model, aligning its structure more closely with that of peer multilateral development banks. In 2021, the balance sheet was reorganized into Ordinary Capital Resources and Special Capital Resources, strengthening the institution’s financial architecture and creating a more flexible platform to tailor financing solutions across a wide range of country contexts and development challenges. This restructuring provided the foundation for a transition from an exclusively contributions-based model toward a blended approach that combines capital injections from member countries with leveraged financing from international capital markets. Simultaneously, a robust, comprehensive risk management framework was implemented to align with best practice standards across the MDB community.
“Establishing the OCR and SCR enables us to manage resources and operations optimally,” notes Chief Risk Officer Juanito Limandibhratha, a key figure in advancing the institution’s risk capabilities. Having completed preparations, the OPEC Fund sought, and achieved, market validation. In 2021, Fitch Ratings, the credit rating agency, assigned the institution an inaugural AA+ (stable) rating, followed by AA (positive) from S&P Global Ratings, citing an “extremely strong” capital base, prudent risk profile and solid liquidity. In December 2023, S&P upgraded its assessment to AA+ (stable), reaffirming confidence in the OPEC Fund’s financial strength, governance and long-term resilience. These endorsements paved the way for the OPEC Fund’s debut bond issued in London in January 2023: a US$1 billion SDG bond, aligned with its mission and mapped to key Sustainable Development Goals. Today, with US$4.65 billion raised to date, including an inaugural Euro-denominated benchmark bond in September 2025, the OPEC Fund is a trusted and recognized issuer in global capital markets. Vice President for Finance, Tarek Sherlala, remarks: “Bond issuances enhance our ability to mobilize resources transparently and sustainably, ensuring we can continue supporting partner countries long into the future.
“Bond issuances enhance our ability to mobilize resources transparently and sustainably, ensuring we can continue supporting partner countries long into the future.”
Tarek Sherlala, Vice President, Finance, OPEC Fund
Juanito Limandibhratha, Chief Risk Officer, OPEC Fund
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