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OPEC Fund Approves Over $500 Million for New Global Development Support

/PRNewswire/ – Setting a new record, the OPEC Fund for International Development approved more than $500 million in new financing at its last Board meeting and in the final quarter of 2022.

The 15 new projects approved reflect the OPEC Fund’s launch of a $1 billion food security action plan and the adoption of its first dedicated climate action plan earlier this year.

In addition, the new commitments will support infrastructure development and investments to improve communities in the Fund’s partner countries around the world.

Dr. Abdulhamid Alkhalifa, Managing Director of the OPEC Fund, said
year, the OPEC Fund has been able to significantly increase its support and strengthen its impact. Our new approvals will provide much needed financing to address pressing global issues such as food, energy and climate security, in line with our strategic priorities.

At the same time, we recognise the need to accelerate support for sustainable development in order to secure livelihoods.
At the same time, we recognise the need to accelerate support for sustainable development to ensure the livelihoods and well-being of people around the world.
the world.
The OPEC Fund Board approved the following projects:

Promoting Access to Energy and Renewable Energy:

Niger: A $25 million loan to the Solar Power Plant Development and Access Improvement Project
and Improving Access to Electricity in Niger will connect 80,000 households to the national grid through the construction and grid integration of a 10 MWp solar photovoltaic power plant. The OPEC Fund will also co-finance the construction of power transmission lines in the southern region of the country and in the capital, Niamey.

Bangladesh: A $38 million loan to the private sector will support the construction of a 584 MW power plant, creating over 1,000 jobs and enhancing the country’s energy security.

Uzbekistan: A $20 million private sector loan will help finance a 500 MW wind farm and 160 MW wind turbines.
Uzbekistan: A $20 million private sector loan will help finance a 500 MW wind farm and 160 kilometres of transmission lines, helping the country to modernise its energy infrastructure.
Uzbekistan: Another $20 million private sector loan will help finance a 500 MW wind farm and 128 kilometres of transmission lines.

Tanzania: A $60 million tranche financing facility for the Benaco-Kyaka transmission line project will support the construction of more than 160 kilometres of transmission lines and a substation to provide reliable national grid energy services to the northwestern region of the country.

Food security
Benin: An additional loan of USD 14 million will support the Agricultural Development and
The project is expected to benefit over 255,000 people, including small-scale farmers. The project will increase farmers’ incomes and enhance food security and nutrition in rural areas.

Liberia: A USD 10 million loan for the Special Agro-Industrial Processing Zone project will enhance food security and support small and medium-sized enterprises (SMEs).

Social infrastructure, international trade and support for MSMEs:
Africa: A $50 million loan to a regional multilateral development bank
will support infrastructure projects in several countries across the continent.

Africa: A $40 million loan to a private sector institution will support the import and export of agricultural commodities.
Agricultural commodities and fertilisers in several African countries.

Côte d’Ivoire: a €70 million programme loan will help finance the country’s economic and social reform support programme.
Support programme for economic and social reforms. The budgetary support is intended to promote reforms aimed at providing disadvantaged populations with access to basic social infrastructure.
social infrastructure.

 

Africa: EUR 50 million loan to regional multilateral development bank
bank will support SMEs and green energy projects in several West African countries.
countries in West Africa.

Kyrgyz Republic: A $15 million loan to the Suusamyr-Talas-Taraz Road Reconstruction Project (Phase IV) will support the reconstruction and upgrading of a 93 km section of the road corridor, linking the country to neighbouring Kazakhstan, to promote regional trade and tourism.

Madagascar: A $36.5 million loan and $1.5 million grant for the
Madagascar: A $36.5 million loan and $1.5 million grant for the National Clean Cookery Transition Programme will enable 200,000 local households to cook cleanly and help replant 1,500 hectares of forest.

Mauritania: A $40 million loan to the Kifa Water Supply Project will help finance a water treatment plant, four pumping stations and more than 300 kilometres of pipelines to provide drinking water to the country’s third largest city, Kifa, and the surrounding rural area.

Botswana: A USD 20 million loan will enable a private sector institution to support local micro, small and medium-sized enterprises, such as
Botswana: A $20 million loan will enable a private sector institution to assist local micro, small and medium-sized enterprises, particularly those owned by women.
About the OPEC Fund The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively.

The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world.

The OPEC Fund was established in 1976 with a clear purpose: to stimulate development, strengthen communities and empower people. Our work is people-centered and focuses on financing projects that address basic needs, such as food, energy, infrastructure, employment (especially for MSMEs), clean water and sanitation, health care and education.

To date, the OPEC Fund has committed over US$22 billion to development projects in more than 125 countries, at an estimated total cost of US$187 billion.

The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA/Outlook Positive by S&P. Our vision is of a world where sustainable development is a reality for all.

Contact :
Basak Pamir
Tél. : +43151564174
B.Pamir@opecfund.org

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