Opec Fund allocates $600m for development projects
The Opec Fund for International Development (Opec Fund) has approved $600 million to support 15 new projects across Africa, Asia, the Pacific, Latin America and the Caribbean.
The financing will strengthen social protection systems, economic governance, food security, small businesses, climate-resilient infrastructure and essential services in these regions, the fund said in a statement.
The Opec Fund was founded by the Organization of the Petroleum Exporting Countries, which includes Saudi Arabia, the UAE and Kuwait, to finance projects in non-Opec nations.
“With these approvals, we are ending 2025 with a strong focus on delivering results,” Opec Fund president Abdulhamid Alkhalifa said.
The approvals include a $25 million loan for social services in Barbados, a €30 million ($35 million) loan to improve the business climate and strengthen special economic zones in Benin, and a $47 million loan for Bhutan’s 55-megawatt Gamri-II hydropower project.
A $60 million loan will be provided to the municipality of Petrolina in Brazil to upgrade mobility, water supply, drainage, flood control and community infrastructure.
The fund will also provide $30 million to expand access to essential health and education services in Burkina Faso, while $150 million will be used to expand access to nutritious food for vulnerable households and support social protection in the Philippines.
Further reading:
- Opec Fund and Dubai bank partner on Paraguay loan
- Opec Fund piles up financing for wheat, wind and water
- Loan for Egypt wind farms passed by Opec Fund
The Opec Fund will provide €27 million to expand lending to small businesses, including a dedicated allocation for women-led enterprises and support for underserved segments of the economy in Benin.
A €15 million loan will be offered to expand access to finance for SMEs and women-led businesses in Kosovo, while another $25 million will support SME financing and scale up climate-focused lending in Vietnam.
The Opec Fund was established in 1976 and has committed more than $30 billion to date for development projects in over 125 countries, with an estimated total project cost of more than $200 billion.
In July global rating agency Fitch said the Opec Fund’s loan book grew by 16 percent in 2024, far exceeding the average rate of most multilateral development banks.
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