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Wednesday, May 22, 2024

OPEC Fund Achieves Record $1.7B 2023 Results

The OPEC Fund for International Development, based in Vienna, Austria, has announced an increase in its commitments to US$1.7 billion for 55 projects across the globe in 2023. These commitments mark a new record for the organization and demonstrate its growing impact in providing support for development.

In 2023, the OPEC Fund focused on financing initiatives to combat climate change and support the energy transition, as well as enhance social and economic resilience. Its new lending program strategy response to the high demand from partner countries and the success of raising additional funds in the capital markets. The organization also leveraged its partnerships to mobilize development assistance by working with multilateral development banks and institutions such as the Arab Coordination Group.

The OPEC Fund’s 2023 investments were primarily focused in Africa (42% of investments), followed by the Middle East and North Africa, Europe, and Central Asia (20%); Latin America and the Caribbean (20%); and Asia and the Pacific (18%). These investments were made through public and private sector lending, commercial financing, and subsidies.

The largest share of last year’s lending program was dedicated to reform loans (31%). The OPEC Fund supported sustainable development programs in several countries, such as Botswana, Ivory Coast, Armenia, North Macedonia, Colombia, and Paraguay, to strengthen economic, social, and climate resilience.

In addition to the investment in policy reform, the organization’s support extended to the transport and storage sector, renewable energy projects, and the financial sector. Its investments also played a significant role in supporting agriculture, fisheries, education, water and sanitation, as well as healthcare initiatives in various countries.

The OPEC Fund’s successful implementation of development initiatives in 2023 was also marked by its entry into the capital market. For the first time in its history, the institution successfully raised $1 billion for sustainable development projects through the issuance of an SDG benchmark bond.

Furthermore, the OPEC Fund continued to expand its partnerships with peer institutions, and is on track to achieve its goal of devoting 40% of all new finance to climate action by 2030.

Established in 1976, the OPEC Fund for International Development is the only development institution that provides financing from member countries to non-member countries. Its work aims to drive economic growth and social progress in low- and middle-income countries around the world, focusing on financing projects that address essential needs such as food, energy, infrastructure, employment, drinking water and sanitation, healthcare, and education. To date, the organization has committed approximately US$27 billion to development projects in more than 125 countries, at an estimated total cost of US$200 billion.

The OPEC Fund for International Development is rated AA+/Outlook Stable by Fitch and AA, Outlook Positive by S&P. The organization continues to work towards a world where sustainable development is a reality for everyone. For more information about the OPEC Fund, please visit [insert hyperlink to website].

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