The OPEC Fund for International Development has approved nearly $1 billion in new development financing during the final quarter of 2024, with the latest round of approvals coming from its 190th Governing Board meeting held in Vienna.
The financing package will support various development initiatives across Africa, Asia, Europe, and Latin America, focusing on infrastructure development, food security enhancement, renewable energy projects, and economic resilience strengthening. Twenty-two nations are set to benefit from this funding, including Bangladesh, Sri Lanka, and Türkiye in Asia; Burkina Faso, Chad, and Kenya in Africa; Montenegro in Europe; and El Salvador, Honduras, and the Dominican Republic in Latin America.
OPEC Fund President Abdulhamid Alkhalifa described 2024 as a landmark year for the organization, highlighting the substantial increase in project approvals and commitments. “Our latest round of financing reflects the OPEC Fund’s ongoing dedication to delivering impactful solutions that drive meaningful change for millions of people,” Alkhalifa said. “We remain focused on working with partners worldwide to tackle today’s challenges and build a better tomorrow.”
The approved projects align with the Fund’s commitment to sustainable development and climate change mitigation, marking a significant step in its mission to support developing nations’ economic and social advancement.
