2024-10-28 22:09:00
Highlights:
- Nearly half a billion dollars in new commitments with Benin, Bhutan, Ivory Coast, Jordan, Oman and a bank in Uzbekistan
- Major cooperation and co-financing framework agreement with the World Bank Group with the operational focus on climate, food security and infrastructure
- New partnership agreements to expand activities and development impact in the Latin America and Caribbean (LAC) region
VIENNA, Oct. 28, 2024 /PRNewswire/ – The OPEC Fund for International Development (the OPEC Fund) concluded its participation in the 2024 World Bank-IMF Annual Meetings with solid new financing commitments, signing loan agreements with partner countries totaling almost one half a billion dollars. These agreements underscore the OPEC Fund’s commitment to advancing global development goals, including climate resilience, energy transition, sustainable agriculture and socio-economic inclusion.
The President of the OPEC Fund, Dr. Abdulhamid Alkhalifa, said: “The Annual Meeting was an important opportunity for the OPEC Fund to engage with key stakeholders and align our efforts with the development needs of our partner countries. This year’s meetings have proven to be an excellent platform for fostering partnerships and strengthening collaboration. With the new funding agreements, we are taking critical steps to improve connectivity, promote economic resilience and strengthen communities in our partner countries.”
In an important step to strengthen cooperation, the OPEC Fund and the World Bank Group signed a co-financing framework agreement (CFA) and a memorandum of understanding (MoU) during the meetings. These agreements, which are signed by Dr. Abdulhamid Alkhalifa, President of the OPEC Fund, and Ajay Banga, President of the World Bank Group, are expected to improve co-financing opportunities. OPEC Fund President Alkhalifa and members of the delegation met with each regional vice president of the World Bank for an in-depth briefing on the countries and operational priorities.
New OPEC Fund loans in partner countries include:
- Benin: USD 26 million loan to support the Horticulture Development Support Project (PADMAR-E), which aims to improve food security and increase the income of small-scale horticulture farmers
- Bhutan: USD 50 million loan for the development of two hydroelectric power plants to improve Bhutan’s energy security and renewable energy production
- Ivory Coast: EUR 60 million program-based loan (PBL) to improve infrastructure and increase economic competitiveness in the country’s transport and energy sectors.
- Jordan: USD 100 million PBL to support Jordan’s Human Capital Program, which aims to improve and sustain human capital.
- Oman: USD 180 million loan as the first tranche of a USD 392 million financing facility for the Khasab-Daba-Lima road project to improve regional transport connectivity
- SQB Bank of Uzbekistan: A $40 million loan to Sanoat Qurilish Bank (SQB) to support small and medium-sized businesses and the agricultural sector in Uzbekistan.
The OPEC Fund also signed partnership agreements to expand cooperation with partner institutions such as Fonplata and CAF and strengthen development efforts in the Latin America and Caribbean region.
Information about the OPEC Fund
The OPEC Fund for International Development (OPEC Fund) is the only development institution with a global mandate that exclusively provides financing from member countries to non-member countries. The organization works with partners in developing countries and the international development community to promote economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was founded in 1976 with a specific purpose: to advance development, strengthen communities and empower people. Our work is people-focused and focuses on financing projects to address basic needs such as food, energy, infrastructure, employment (particularly in relation to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has provided approximately $27 billion for development projects in over 125 countries, with a total estimated cost of more than $200 billion. The OPEC fund is rated AA+/outlook stable by Fitch and AA+, outlook stable by S&P. Our vision is a world in which sustainable development is a reality for everyone.
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**Interview with Dr. Abdulhamid Alkhalifa, President of the OPEC Fund for International Development**
**Editor:** Thank you for joining us, Dr. Alkhalifa. The recent announcements from the OPEC Fund at the World Bank-IMF Annual Meetings are quite significant. Can you tell us more about the commitments made with various countries?
**Dr. Alkhalifa:** Thank you for having me. We’re excited to report nearly half a billion dollars in new commitments with countries like Benin, Bhutan, Ivory Coast, Jordan, Oman, and a bank in Uzbekistan. Each of these loans is geared towards addressing specific developmental challenges—whether it’s food security through horticulture in Benin or energy security with hydroelectric plants in Bhutan.
**Editor:** That sounds promising. You also mentioned a significant cooperation agreement with the World Bank Group. How will that impact your operations?
**Dr. Alkhalifa:** Yes, we signed a co-financing framework agreement with the World Bank, which will enhance our ability to work collectively on key issues such as climate resilience, infrastructure, and food security. This collaborative effort means we can pool resources more effectively and achieve greater impact across our partner countries.
**Editor:** Speaking of impact, how do you envision the new loans will bolster economic resilience in these countries?
**Dr. Alkhalifa:** Each project is designed to foster economic resilience in unique ways. For example, in Jordan, our support focuses on enhancing human capital, which is vital for sustainable growth. In Oman, the road project will improve transport connectivity, making goods and services more accessible. Ultimately, these investments are about empowering communities and improving livelihoods.
**Editor:** You’ve also highlighted expanded activities in the Latin America and Caribbean region. What are the goals for this area?
**Dr. Alkhalifa:** Our partnerships in Latin America and the Caribbean will focus on enhancing development impact through sustainable practices and improved infrastructure. The objective is to address challenges similar to those faced by our partner countries in Africa and Asia, ensuring that we can promote socio-economic inclusion and climate resilience.
**Editor:** Thank you for sharing these insights, Dr. Alkhalifa. It’s clear that the OPEC Fund is making strides toward global development goals. We appreciate the work you’re doing!
**Dr. Alkhalifa:** Thank you for the opportunity to discuss our initiatives. Together, we can make a meaningful difference.
G of impact, what specific projects do you believe will have the most significant effect on the lives of people in these partner countries?
**Dr. Alkhalifa:** Each project has a unique significance, but I believe the work we’re doing in Jordan with the Human Capital Program will be transformative. By focusing on education and healthcare, we’re investing directly in the future of the population. Additionally, the infrastructure improvements in Oman and Ivory Coast will enhance regional connectivity, promoting economic growth and facilitating trade, which can uplift entire communities.
**Editor:** That’s impressive. You also mentioned new partnerships in the Latin America and Caribbean region. Can you elaborate on those plans?
**Dr. Alkhalifa:** Certainly. Our new partnership agreements aim to expand our reach and effectiveness in the LAC region. By collaborating with local institutions like Fonplata and CAF, we can better address regional developmental needs and tailor our projects to maximize their impact. This approach allows us to leverage local expertise and resources while fostering sustainable growth in the region.
**Editor:** It sounds like the OPEC Fund is poised to make a considerable difference globally. What’s your vision for the future of the Fund and its role in international development?
**Dr. Alkhalifa:** Our vision is to create a world where sustainable development is attainable for everyone. The OPEC Fund is committed to financing projects that address basic human needs, from clean water and sanitation to energy and education. As we look to the future, we aim to strengthen our partnerships even further, leveraging innovative financing solutions and focusing on projects that empower communities and support economic resilience.
**Editor:** Thank you for your insights, Dr. Alkhalifa. It’s inspiring to see the OPEC Fund’s dedication to global development.
**Dr. Alkhalifa:** Thank you for your enthusiasm. It’s a collective effort, and we look forward to continuing our work and making a positive impact worldwide.
