OPEC Fund approves over US$600 million in new financing to strengthen connectivity, human capital and economic resilience
The OPEC Fund for International Development (OPEC Fund) (www.OPECFund.org) has approved over US$600 million in new development financing to support sustainable infrastructure, private sector development, food security and human capital in partner countries across Africa, Asia, Latin America and the Caribbean. The new projects were approved during the institution's 191st Governing Board meeting in Vienna today and during the first quarter of 2025. The new commitments reflect the OPEC Fund's efforts to promote inclusive and resilient growth in line with its strategic priorities.
OPEC Fund President Abdulhamid Alkhalifa said: 'These engagements are a significant demonstration of our commitment to building resilience and enabling inclusive development. From transport corridors to vocational training and financing small businesses the OPEC Fund is supporting practical solutions that align with our partners' priorities and deliver tangible results. We remain focused on driving sustainable development across regions and sectors.'
The latest approved projects include:
Public Sector Operations
Costa Rica: A €180 million loan will co-finance the 'Expansion and Improvement of the San Jose – San Ramon Road Corridor Project' with the Central American Bank for Economic Integration (CABEI). The project will improve traffic flow and road safety along Route 1 of the Inter-American Highway, supporting trade, connectivity and inclusive economic growth.
Nepal: A US$100 million loan will co-finance the 'South-Asia Subregional Economic Cooperation (SASEC) Electricity Transmission and Distribution Strengthening Project' with the Asian Development Bank (ADB). The project will enhance the reliability and efficiency of the electricity supply in Nepal and promote cross-border power trade in the region.
Rwanda: A US$27.95 million loan will co-finance the 'Center of Excellence in Aviation Skills Project' with the African Development Bank (AfDB). The initiative will raise Rwanda's national aviation training
capacity to international standards, contribute to human capital development and support the country's ambition to become a regional aviation hub.
Senegal: A €25 million loan will help finance the 'Water Valorization for Value Chains Development Project- Phase 2 (PROVALE – CV2)' together with AfDB and other partners to promote the sustainable increase of agricultural production, jobs and incomes. The project is also helping to combat the impact of climate change on agricultural and livestock production. It will directly benefit 57,000 households.
Tanzania: A US$75 million loan - as the first tranche of a US$150 million facility - will support the 'Regional Standard Gauge Railway Project (Uvinza–Malagarasi Section)', co-financed with AfDB and other partners. The project will enhance regional connectivity and stimulate trade between Tanzania, Burundi and the Democratic Republic of the Congo.
Private Sector Operations:
Côte d'Ivoire: A €30 million loan will expand access to finance for small and medium-sized enterprises (SMEs), helping to strengthen entrepreneurship, promote job creation and stimulate economic growth.
Democratic Republic of the Congo: A US$20 million loan, as part of a larger financing package with development partners, will support on-lending to critical sectors of the economy.
Nicaragua: A US$20 million loan will promote financial inclusion by facilitating access to credit for businesses in agriculture sector.
Regional (Africa): A US$40 million participation in a US$240 million trade finance facility will finance the import and export of agricultural commodities across multiple African countries.
Distributed by APO Group on behalf of OPEC Fund.
Contact:
The OPEC Fund for International Development
P.O. Box 995
1011 Vienna, Austria
Telephone: +43-1-515 64-0
Fax: +43-1-513 92 38
Webiste: www.OPECFund.org
About the OPEC Fund:
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and S&P Global Ratings. Our vision is a world where sustainable development is a reality for all.
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