OPEC Fund approves US$352m for global development operations
VIENNA, 16th December, 2021 – The OPEC Fund for International Development (the OPEC Fund) has approved US$352 million for sustainable development operations across the world at the organisation’s 178th Session of the Governing Board, held virtually today.
Members of the Governing Board also reviewed several milestones achieved as part of the OPEC Fund Strategic Framework 2030, including inaugural credit ratings for the organisation from S&P Global (AA; Positive Outlook) and Fitch Ratings (AA+; Stable Outlook).
The Strategic Framework 2030 is designed to diversify the OPEC Fund’s financial resources and deliver greater development impact for partner countries.
The OPEC Fund’s new financing will support projects in Bosnia and Herzegovina (US$27.
15 million); Côte d’Ivoire (US$60 million); Dominican Republic (US$60 million); Ghana (US$20 million); Kenya (US$40 million); Lesotho (US$19 million); Malawi (US$15 million); Nicaragua (US$23 million); Rwanda (US$18 million) and Turkmenistan (US$45 million).
The OPEC Fund’s new financing will also support a US$25 million private sector operation to support infrastructure projects in selected Latin America and Caribbean countries.