The OPEC Fund for International Development has approved nearly 1 billion dollars in new development financing during the final quarter of 2024. The approvals were made at its 190th Governing Board meeting held in Vienna.

 

 

 

The financing package will support development initiatives across Africa, Asia, Europe, and Latin America, focusing on infrastructure development, food security, renewable energy projects, and economic resilience.

 

 

Twenty-two nations will 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, noting a substantial increase in project approvals and commitments. He said the latest financing reflects the Fund’s dedication to delivering impactful solutions and driving meaningful change for millions of people.

 

 

 

The approved projects align with the Fund’s commitment to sustainable development and climate change mitigation, marking significant progress in supporting economic and social advancement in developing nations.