The OPEC Fund for International Development
WHO WE ARE
The OPEC Fund for International Development was established in 1976 and its member countries are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela. Founded by the member states, the OPEC Fund has a distinct development mandate and is a separate organization, fully independent of OPEC. The OPEC Fund is a pioneer of South-South cooperation in support of low and middle income countries. Our vision is a world where sustainable development is a reality for everyone. The OPEC Fund is committed to the delivery of the UN Sustainable Development Goals (SDGs) with a focus on building an enabling physical infrastructure and environment as well as strengthening human capacity. All operations are for the exclusive benefit of non-member countries.
DELIVERING SUSTAINABLE DEVELOPMENT
Since inception, the OPEC Fund has committed about US$27 billion of its own resources for more than 4,000 projects in over 125 countries worldwide with an estimated project cost of more than US$200 billion. In 2023, the OPEC Fund committed US$1.7 billion through 55 projects to increase economic resilience, support growth and foster development. The OPEC Fund’s financing secures basic supplies, supports infrastructure development and strengthens economic resilience. The OPEC Fund addresses long-term challenges and is a key player in the delivery of the SDGs. In 2022, the OPEC Fund launched a US$1 billion Food Security Action Plan in response to global supply chain disruption. It also launched its Climate Action Plan to address the twin challenges of energy access and climate change with the goal to raise the share of climate financing to 40 percent of all new financing by 2030. Delivery is ahead of schedule and target: In 2022 (according to latest available numbers), climate finance accounted for 33 percent of total approvals. The OPEC Fund’s mission is to drive development, strengthen communities and empower people. Our Environmental, Social and Governance (ESG) policy framework ensures compliance with best practice in line with fellow multilateral institutions to maximize sustainable development impact.
BURKINA FASO: ENDING POVERTY One of the most vulnerable states in the world, Burkina Faso is a key country for the OPEC Fund. A recent US$20 million loan supports the agricultural value chain in a bid to alleviate poverty and enhance food security. ©Gilles Paire / Shutterstock.com
PANAMA: BOOSTING CLIMATE ACTION The program supported by a US$120 million OPEC Fund loan, aims to mitigate, contain and reverse the effects of climate change, helping Panama to achieve its long-term Paris Agreement commitments.
2023 OPEC FUND COMMITMENTS BY FOCUS AREA
Policy-Based Lending
Education
US$ 532 million
US$ 104 million
Trade Finance & Commodity Aid
Water & Sanitation
US$ 273 million
US$ 61 million
Agriculture
Transport
US$ 240 million
US$ 59 million
Energy
Health
US$ 202 million
US$ 50 million
Grants & Humanitarian Aid
Financial Institutions
US$ 171 million
US$ 9 million
©Insight-Photography/Shutterstock.com
JORDAN: SUPPORTING SOLAR POWER The OPEC Fund participated in a syndicated loan worth up to US$30 million to finance the 200 MW Baynouna solar power plant in Jordan, the largest project of its type in the country. It supplies the annual power for nearly 160,000 homes, reducing CO2 emissions by an estimated 360,000 tonnes per year.
BANGLADESH: KEEPING SMALL BUSINESSES AFLOAT
A US$75 million OPEC Fund loan to the government of Bangladesh will help to implement a series of reforms, reviving the economy and supporting businesses impacted by the COVID-19 pandemic, especially those run by women.
OUR STRATEGY The OPEC Fund is implementing a long-term strategy to increase its development impact and accelerate the delivery of sustainable development. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Building on strong finances and almost five decades of development expertise, the OPEC Fund issued its inaugural SDG Bond in January 2023. Thanks to a strong demand from investors globally, the OPEC Fund’s first bonds have raised a total of US$1.5 billion for development finance.
HOW WE WORK
WHO WE WORK WITH
The OPEC Fund supports sovereign and non-sovereign operations as well as technical assistance programs. Working with developing countries worldwide, we have provided over 1,900 grants, more than 1,600 public sector loans, and over 500 private sector and trade finance facilities. The OPEC Fund also issues credit lines to local financial intermediaries for on- lending as well as policy-based loans.
As a multilateral development lender the OPEC Fund works with partner countries, private sector companies and national, regional and international institutions. In 2023, the OPEC Fund co-financed projects with the World Bank, the African Development Bank, the Asian Development Bank, the International Finance Corporation, the International Fund for Agricultural Development as well as with the Arab Coordination Group, which includes bilateral and regional development funds.
OUR PEOPLE
The OPEC Fund currently employs more than 200 staff, dedicated to support global development. The diverse workforce comprises more than 50 nationalities with an equal gender balance. The institution is led by President Dr. Abdulhamid Alkhalifa, who assumed office in November 2018 after previously holding senior positions at the World Bank and in his home country, Saudi Arabia. The OPEC Fund promotes inclusion in its projects and operations.
OPEC FUND AND AUSTRIA
The OPEC Fund has been based in Vienna since inception and enjoys close ties with its host country as well with local institutions and Vienna-based international organizations, including those of the United Nations. The OPEC Fund’s Development Forum and high-level meetings regularly convene global partners in its host city to drive development action. The OPEC Fund also supports the local community through ongoing social and cultural outreach.
FOLLOW US ON
opecfund.org
THE OPEC FUND Parkring 8, 1010 Vienna, Austria Tel: (+43 1) 515 64 - 0 email: communication@opecfund.org
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