THE HISTORY OF THE OPEC FUND
supported agricultural production by raising yields, reducing post-harvest losses and enhancing farmers’ access to agricultural value chains. Under the Food Security Action Plan, efforts often need to focus on urgent interventions to address immediate crises. In October 2022, the OPEC Fund moved quickly to provide a US$100 million emergency loan to finance much-needed imports and develop long-term storage capacities to strengthen food security. In Sierra Leone, a US$30 million loan and a US$2 million grant are supporting a Livestock and Livelihoods Development Program, that The OPEC Fund and Senegal A country of 18 million people and located in the westernmost part of Africa, Senegal has been a partner country of the OPEC Fund since 1977. Major sectors of the economy are mining, tourism and agriculture. To date, the OPEC Fund has provided close to US$700 million in 40 public sector projects and €45 million in the private sector. The OPEC Fund is a major partner for Senegal, especially in strengthening food security and agriculture, committing significant financing to boost local production, support smallholder farmers and improve infrastructure. The most recent example was a €100 million loan in favor of the 2024-2025 Senegal Agricultural Campaign, benefitting 800,000 smallholder households. The project aligns with Senegal’s Vision 2050, the National Food Sovereignty Strategy 2024–2035 and the Agricultural Growth Acceleration Program. Beyond agriculture, the OPEC Fund has also supported Senegal in energy, industry, transport, water and sanitation, health and education with loans and grants. Addressing the issue of rapid urbanization, a key challenge facing Senegal, the OPEC Fund is also financing the Cities Modernisation Programme (Promovilles-OF) with
is benefitting almost 400,000 people through improved food security and incomes. Over the years, the OPEC Fund has developed strong, long-term partnerships with producers, traders and financiers. Collaborations with global commodity brokers such as Sucden and Touton cover the entire supply chain from sourcing beans to final payment by end buyers. The OPEC Fund’s recent growth is also reflected in its expansion into new countries and the introduction of new products. In 2024, Montenegro became a partner country through a €50 million
400,000 lives will be improved by a US$30 million loan and a US$2 million grant from the OPEC Fund to support a Livestock and Livelihoods Development Program.
US$44.4 million, providing regional capitals with infrastructure, building the capacity of local councils and improving living conditions. In 2024, 55 percent of the population lived in cities, whereas in 1960, when Senegal gained independence, the share was only 23 percent. The situation is particularly acute in the region around the capital Dakar, which accounts for only 0.3 percent of the country’s territory, but houses 25 percent of the total population.
This causes huge strains on the local infrastructure. The OPEC Fund is supporting the modernization, upgrade and development of new infrastructure in many ways, for instance with a US$72.9 million loan for co-financing the Dakar – Saint Louis Highway. The 200 km-road links Senegal’s two main cities and is a strategic project for the country, boosting growth and regional trade integration. Saint Louis is Senegal’s center for sugar production and planned hub for offshore gas production.
Dakar, the capital of Senegal, faces massive overcrowding due to rapid urbanization
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