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HomeBusinessOPEC Fund delivered US$1.7B in development funding in 2023

OPEC Fund delivered US$1.7B in development funding in 2023

VIENNA, Austria, (WAM) – The OPEC Fund for International Development, a multilateral development finance institution headquartered in Vienna, Austria, expanded its new commitments to US$1.7 billion across 55 projects globally in 2023, providing funding to address climate change and energy transition, support social and economic resilience and boost sustainable growth.

The organisation was established 48 years ago and the 2023 results represent a record in new commitments.

OPEC Fund director-general Dr Abdulhamid Alkhalifa, said:

“In 2023, the OPEC Fund increased its impact through the delivery of development support in a challenging global environment. We grew our lending programme across the board in response to strong demand by our partner countries and thanks to our success in raising additional funds from the capital markets.

“We were also able to leverage our partnerships to mobilise development support by working with multilateral development banks and development finance institutions such as the Arab Coordination Group. And we are well on track with our 2030 target to commit 40 percent of all new financing to climate action.”

In 2023, the OPEC Fund delivered strong results across Africa (42 percent of investments), the Middle East and North Africa & Europe and Central Asia (20 percent), Latin America and the Caribbean (20 percent), as well as Asia and the Pacific (18 percent) through public and private sector lending, trade finance and grants operations.

The largest share in last year’s lending program was dedicated to policy-based-lending (31 percent). The transport and storage sector received the major share of OPEC Fund’s support (14 percent).

Aligned with the OPEC Fund Climate Action Plan, support in renewable energy projects constituted nearly 60 percent of all lending in the energy sector.

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