OPEC Fund Announces Substantial Financing Commitments at 2024 WB Meetings

The OPEC Fund for International Development (the OPEC Fund) concluded its participation in the 2024 World Bank-IMF Annual Meetings with robust new financing commitments, signing loan agreements totaling nearly half a billion dollars with partner countries. These agreements underscore the OPEC Fund’s commitment to advancing global development goals, including climate resilience, energy transition, sustainable agriculture and socio-economic empowerment.

OPEC Fund President Dr. 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 Dr. Abdulhamid Alkhalifa and World Bank Group President Ajay Banga, are expected to boost co-financing opportunities. OPEC Fund President Alkhalifa and members of the delegation met with each regional Vice President of the World Bank for a deep-dive into countries and operational priorities.

The OPEC Fund’s new loans in partner countries include:

Benin: US$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: US$50 million loan to help develop two hydropower plants, aimed at strengthening Bhutan’s energy security and renewable energy generation
Côte d’Ivoire: €60 million Program-Based Loan (PBL) to upgrade infrastructure and boost economic competitiveness in the country’s transport and energy sectors.
Jordan: US$100 million PBL to support the Jordan Human Capital Program, which aims to enhance and preserve human capital.
Oman: US$180 million loan, as the first tranche of a US$392 million financing facility, for the Khasab-Daba-Lima Road Project, to enhance regional connectivity
SQB Bank of Uzbekistan: US$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.