The OPEC Fund for International Development (OPEC Fund) has approved close to $1 billion in new development financing in the last quarter of 2024.
The announcement was made during the Fund’s 190th Governing Board meeting held in Vienna, underscoring its commitment to global economic resilience and sustainable development.
According to a statement released by the OPEC Fund, the financing will benefit countries worldwide, focusing on critical areas such as infrastructure, food security, renewable energy, and economic stability.
OPEC Fund President Abdulhamid Alkhalifa highlighted the significance of these efforts, stating,
“2024 has been a landmark year for the OPEC Fund, marked by a significant increase in project approvals and commitments across key sectors, helping to build resilience, develop sustainable infrastructure, and address climate change. Our latest round of financing reflects the OPEC Fund’s ongoing dedication to delivering impactful solutions that drive meaningful change for millions of people. We remain focused on working with partners worldwide to tackle today’s challenges and build a better tomorrow.”
The latest financing package will support a diverse group of countries, including Bangladesh, Burkina Faso, Chad, Comoros, El Salvador, Gambia, Honduras, Kenya, Malawi, Mauritania, Montenegro, Senegal, Sierra Leone, Sri Lanka, Türkiye, Uzbekistan, Côte d'Ivoire, Dominican Republic, Egypt, Ghana, and Paraguay.
The OPEC Fund’s strategic focus on sustainable and impactful development aligns with global goals to address economic and climate-related challenges while improving the livelihoods of millions across the globe.
News Source: Emirates News Agency
