The OPEC Fund for International Development (OPEC Fund) allocated $1.7 billion to finance 55 global projects in 2023, according to a recent statement from the organization. In a bid to address climate change, social and economic resilience and sustainable growth, 60% of the funds supported renewable energy initiatives.
At 42%, Africa received the largest share of the funding, with recipient projects including solar power initiatives in Niger and Nigeria, as well as an energy security campaign in Tanzania.
“We grew our lending program across the board in response to strong demand by our partner countries and thanks to our success in raising additional funds from the capital markets,” said Abdulhamid Al-Khalifa, Director General of the OPEC Fund. “We are well on track with our 2030 target to commit 40% of all new financing to climate action.”
OPEC Fund raised the funding through a mix of public and private sector lending, trade finance and grant operations, with policy-based loans accounting for 31% of the investments.