OPEC Fund Commits Nearly $500 Million in Loans at World Bank-IMF Meeting

The OPEC Fund for International Development pledged close to half a billion dollars in new financing agreements during the World Bank-IMF Annual Meetings, targeting global development in sectors such as climate resilience, energy transition, and socio-economic empowerment. The agreements enhance co-financing opportunities and foster international collaboration.

In a significant development during the 2024 World Bank-IMF Annual Meetings, the OPEC Fund for International Development has cemented its commitment to global progress by signing nearly half a billion dollars in new loan agreements with partner nations. According to a statement by the OPEC Fund, the agreements focus on advancing critical areas such as climate resilience, energy transition, sustainable agriculture, and socio-economic empowerment.

OPEC Fund President Abdulhamid Alkhalifa highlighted the importance of these meetings as a strategic platform for engaging with stakeholders and aligning efforts to meet partner countries' development needs. 'This year's meetings have proven invaluable for fostering partnerships and strengthening collaboration,' Alkhalifa remarked, further noting the decisive steps being taken towards empowering communities and enhancing economic resilience across various nations.

Notable agreements include a co-financing framework with the World Bank Group, signed by Alkhalifa and World Bank Group President Ajay Banga, aimed at boosting collaborative financial initiatives. Among the new loans, Benin will receive USD 26 million for a horticulture development project, Bhutan USD 50 million for hydropower initiatives, and Cote d'Ivoire EUR 60 million for infrastructure upgrades. Jordan, Oman, and the SQB Bank of Uzbekistan also secured significant funding to bolster human capital, connectivity, and SME support, respectively.

(With inputs from agencies.)