OPEC Fund enhances global partnerships with substantial financing commitments at 2024 World Bank meetings

Vienna [Austria], October 29 (ANI/WAM): The OPEC Fund for International Development (OPEC Fund) concluded its participation in the 2024 World Bank-IMF Annual Meetings with robust new financing commitments, signing loan agreements totalling nearly half a billion dollars with partner countries.
The agreements underscore the OPEC Fund's commitment to advancing global development goals, including climate resilience, energy transition, sustainable agriculture and socio-economic empowerment, according to a statement released by OPEC Fund.
OPEC Fund President Abdulhamid Alkhalifa said, "The annual meetings provided a vital opportunity for the OPEC Fund to connect with key stakeholders and align our efforts to meet the development needs of our partner countries. This year's meetings have proven to be an excellent platform for fostering partnerships and strengthening collaboration. Through new financing agreements, we are taking decisive steps to enhance connectivity, foster economic resilience and empower communities across our partner countries."
In a significant move to strengthen collaboration, 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, signed by OPEC Fund President Abdulhamid Alkhalifa and World Bank Group President Ajay Banga, are expected to boost co-financing opportunities.
The OPEC Fund's new loans in partner countries include:
- Benin: USD 26 million loan to support the Horticulture Development Support Project (PADMAR-E) aimed at enhancing food security and increasing the income of small-scale horticulture farmers
- Bhutan: USD 50 million loan to help develop two hydropower plants, aimed at strengthening Bhutan's energy security and renewable energy generation
- Cote d'Ivoire: EUR 60 million Program-Based Loan (PBL) to upgrade infrastructure and boost economic competitiveness in the country's transport and energy sectors.
- Jordan: USD 100 million PBL to support the Jordan Human Capital Program, which aims to enhance and preserve 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 enhance regional connectivity.
- SQB Bank of Uzbekistan: USD 40 million loan to Sanoat Qurilish Bank (SQB), to support small and medium-sized enterprises as well as the agriculture sector in Uzbekistan.
The OPEC Fund also signed partnership agreements to expand cooperation with partner institutions, such as Fonplata and CAF, and enhance development efforts in the LAC region. (ANI/WAM)