Opec Fund approves $352m for global development operations
VIENNA
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The Organisation of the Petroleum Exporting Countries (Opec) said its key fund for international development has approved $352 million for sustainable development operations across the world.
The announcement was made yesterday (December 16) at the organisation’s 178th Session of the Governing Board, held virtually.
Members of the Governing Board also reviewed several milestones achieved as part of the Opec Fund Strategic Framework 2030, including inaugural credit ratings for the organisation from S&P Global and Fitch Ratings.
The Strategic Framework 2030 is designed to diversify the Opec Fund’s financial resources and deliver greater development impact for partner countries.
This new financing will support projects in Bosnia and Herzegovina ($27.15 million); Côte d’Ivoire ($60 million); Dominican Republic ($60 million); Ghana ($20 million); Kenya ($40 million); Lesotho ($19 million); Malawi ($15 million); Nicaragua ($23 million); Rwanda ($18 million) and Turkmenistan ($45 million).
The Opec Fund’s new financing will also support a $25 million private sector operation to support infrastructure projects in selected Latin America and Caribbean countries.
