Latest news with #AbdulhamidAlkhalifa
Zawya
3 days ago
- Business
- Zawya
OPEC Fund Development Forum 2025 concludes with new commitments to accelerate global development impact
Highlights: Announcement of over US$1 billion new financing: OPEC Fund signs US$362 million new loan agreements during the Forum and announces approval of US$720 million in new financing in the second Quarter A Country Partnership Framework agreement with Rwanda earmarks US$300 million financing in the next three years At the high-level Mauritania roundtable hosted by the OPEC Fund, the Arab Coordination Group (ACG) announced a pledge of US$2 billion financing over the next 5 years to support Mauritania's development priorities. The fourth OPEC Fund Development Forum concluded today with a strong slate of new commitments, loan agreements and strategic partnerships to advance inclusive transition and sustainable development. The Forum brought together more than 700 global leaders, including government representatives, development institutions and private sector stakeholders, under the theme 'A Transition That Empowers Our Tomorrow'. The OPEC Fund announced some US$720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and saw the signing of US$362 million in new loan agreements. A new Trade Finance Initiative is set to secure vital supplies and help close trade-related liquidity gaps in partner countries. OPEC Fund President Abdulhamid Alkhalifa said: 'The OPEC Fund Development Forum reflects our conviction that partnerships must deliver results. Today we achieved tangible progress – with new signings, new partnerships and new approaches to help our partner countries turn ambition into action. Whether in energy, infrastructure, agriculture or finance, we are responding with solutions that make a difference.' As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada, and the Solomon Islands, expanding support for climate resilience and sustainable infrastructure. Deepening Country Partnerships for Long-term Impact New country-level agreements and cooperation frameworks include: A US$212 million loan agreement with Oman to finance the Khasab-Daba-Lima Road Project (Sultan Faisal bin Turki Road), improving local and regional connectivity, as well as a Country Partnership Framework (CPF) to strengthen cooperation over the next five years. A US$25 million loan agreement with Cameroon to strengthen the Rice Value Chain Development Project, supporting smallholder farmers and strengthening food security in vulnerable regions, in collaboration with the Islamic Development Bank (IsDB), Arab Bank for Economic Development in Africa (BADEA) and the Kuwait Fund. A CPF with Rwanda to allocate up to US$300 million in financing for 2025 – 2028, supporting the country's development priorities, including quality infrastructure, improved essential basic services and the promotion of entrepreneurship and the private sector. Other country partnership agreements included: Azerbaijan to support infrastructure, energy transition and sustainable development; Botswana to support infrastructure, renewable energy, innovation and digital transformation, as well as private sector export-led growth over the next three years; Grenada to build resilience through sustainable development initiatives; Kyrgyz Republic to increase cooperation in transport, water supply and sanitation, energy, agriculture and banking sectors; and Solomon Islands to expand engagement and increase cooperation including in the private sector. Scaling up Private Sector Support The OPEC Fund continues to prioritize private sector-led growth with targeted financing to financial institutions across Africa: In Côte d'Ivoire, a €30 million loan agreement with Coris Bank International Côte d'Ivoire and a €35 million loan agreement with NSIA Banque will facilitate access to finance for small and medium-sized enterprises (SMEs). A US$40 million loan agreement with the East African Development Bank (EADB) will boost economic investments across Kenya, Uganda, Tanzania and Rwanda, strengthening regional integration and inclusive growth. New Trade Finance Initiative At the Forum the OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps and strengthening resilience to external shocks in vulnerable economies. Advancing global cooperation The Forum also featured new agreements to deepen multilateral cooperation: A new cooperation agreement with the Central American Bank for Economic Integration (CABEI) will strengthen collaboration in infrastructure, energy and human development projects across the Latin America and Caribbean region. The OPEC Fund and the Islamic Organization for Food Security (IOFS) formalized a cooperation agreement to coordinate efforts on climate-resilient agriculture and sustainable food systems. A cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries. Ahead of the Forum, the OPEC Fund hosted the Annual Meeting of the Heads of Institutions of the Arab Coordination Group (ACG). Delegates participated in a high-level roundtable with the President of Mauritania, Mohamed Ould Ghazouani to strengthen development collaboration and mobilize investment flows to Mauritania. The roundtable resulted in an ACG joint pledge of US$2 billion financing over the next five years. This will be directed to vital sectors, including energy, water, transportation and digital infrastructure to stimulate economic growth. A dedicated Arab Donors Roundtable on the Sahel addressed strategies to mobilize greater support for the region's urgent challenges. It was organized by the Permanent Interstate Committee for Drought Control in the Sahel (CLISS) and sponsored by the OPEC Fund's partner institution, the Arab Bank for Economic Development in Africa (BADEA). 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.
Zawya
07-04-2025
- Business
- Zawya
OPEC Fund approves over $600mln in new financing to strengthen connectivity, human capital, economic resilience
VIENNA: The OPEC Fund for International Development (OPEC Fund) 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. 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 and private sectors in Costa Rica, Nepal, Rwanda, Senegal, Tanzania, Côte d'Ivoire, Democratic Republic of the Congo and Nicaragua.
Zawya
04-04-2025
- Business
- Zawya
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) ( 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: 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.
Gulf Today
11-03-2025
- Business
- Gulf Today
OPEC Fund provides $35 million loan to support food security, climate action in Uzbekistan
The OPEC Fund for International Development (the OPEC Fund) is extending a US$35 million loan to Uzbekistan's State Joint-Stock Company Asaka Bank (Asaka Bank) to enhance food security and expand financing for climate action projects in the Central Asian country. The funding will help increase access to finance for agriculture and strengthen the bank's climate finance portfolio. In a statement, Abdulhamid Alkhalifa, OPEC Fund President, said, 'Our partnership with Asaka Bank supports two crucial priorities for Uzbekistan - ensuring food security and addressing climate change. Agriculture remains a cornerstone of the country's economy and targeted investments in sustainable practices will help smallholder farmers build resilience and boost productivity. The new financing reflects our commitment to fostering economic growth while driving climate action.' The statement added that agriculture is a key driver of Uzbekistan's economy, accounting for 25 percent of the country's GDP and also employing about a quarter of the workforce. As the sector faces challenges such as extreme weather events, water scarcity and limited access to finance, strengthening financial support for small-scale farmers can create far-reaching benefits. Asaka Bank will on-lend the OPEC Fund's loan to small and medium-sized enterprises and agribusinesses, enabling them to access essential financing for growth. This will help farmers and rural enterprises secure critical services, adopt modern technology and expand market access - strengthening productivity and resilience across the sector. The OPEC Fund has been a long-standing partner of Uzbekistan for 25 years, supporting nearly 30 public and private sector projects with a total loan volume of US$800 million to date. A Country Partnership Framework signed in 2024 earmarks US$500 million in new OPEC Fund financing to advance Uzbekistan's sustainable development agenda until 2029.
Zawya
10-03-2025
- Business
- Zawya
OPEC Fund provides $35mln loan to Asaka Bank
The OPEC Fund for International Development (the OPEC Fund) is extending a US$35 million loan to Uzbekistan's State Joint-Stock Company Asaka Bank (Asaka Bank) to enhance food security and expand financing for climate action projects in the Central Asian country. The funding will help increase access to finance for agriculture and strengthen the bank's climate finance portfolio. OPEC Fund President Abdulhamid Alkhalifa said: 'Our partnership with Asaka Bank supports two crucial priorities for Uzbekistan - ensuring food security and addressing climate change. Agriculture remains a cornerstone of the country's economy and targeted investments in sustainable practices will help smallholder farmers build resilience and boost productivity. The new financing reflects our commitment to fostering economic growth while driving climate action.' Agriculture is a key driver of Uzbekistan's economy, accounting for 25 percent of the country's GDP and also employing about a quarter of the workforce. As the sector faces challenges such as extreme weather events, water scarcity and limited access to finance, strengthening financial support for small-scale farmers can create far-reaching benefits. Asaka Bank will on-lend the OPEC Fund's loan to small and medium-sized enterprises and agribusinesses, enabling them to access essential financing for growth. This will help farmers and rural enterprises secure critical services, adopt modern technology and expand market access - strengthening productivity and resilience across the sector. Asaka Bank is Uzbekistan's fourth-largest commercial bank by assets and gross loans. The bank plays a key role in financing economic development and is majority state-owned. The OPEC Fund partners with Asaka Bank through its risk-sharing program with international financial institutions. The OPEC Fund has been a longstanding partner of Uzbekistan for 25 years, supporting nearly 30 public and private sector projects with a total loan volume of US$800 million to date. A Country Partnership Framework signed in 2024 earmarks US$500 million in new OPEC Fund financing to advance Uzbekistan's sustainable development agenda until 2029. 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 AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.
