OPEC Fund announces $352m for global development operations

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  • Members of the Governing Board also reviewed several milestones achieved as part of the OPEC Fund Strategic Framework 2030, including inaugural credit ratings.
  • The Strategic Framework 2030 is designed to diversify the OPEC Fund’s financial resources and deliver greater development impact

The OPEC Fund for International Development has approved $352 million for sustainable development operations globally at the organization’s 178th Session of the Governing Board, held virtually on Thursday, media reports said.

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 organization from S&P Global (AA; Positive Outlook) and Fitch Ratings (AA+; Stable Outlook).

The reports said that 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 reports said.

The OPEC Fund’s new financing will also support a $25 million private-sector operation to support infrastructure projects in selected Latin America and Caribbean countries.

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