fund "OPEC" It contributes to accelerating the development of African countries with two billion dollars
Vienna, December 24 / WAM / The OPEC Fund for International Development (OPEC Fund) approved a joint financing program worth about two billion dollars with the African Development Fund, to provide concessional financing for the most fragile countries of the African continent, during the period extending from 2026 to 2030.
Dr. Abdul Hamid Al Khalifa, Director General of the OPEC Fund, in the statement issued by the Fund’s headquarters in the Austrian capital, Vienna, stressed the Fund’s long-term commitment to Africa and its contribution to providing financing on very favorable terms to the least developed African countries.
He stressed the continued interest in the countries of the African continent, stressing that Africa remains a key focus in the OPEC Development Fund’s mission, reiterating the Fund’s firm commitment to providing affordable, long-term financing in the countries most in need of financing throughout the African continent.
The OPEC Fund valued the coordination and unification of efforts with the African Development Fund to invest in important development areas that include energy provision, food security, the ability to adapt to climate change, and human capital, considering that they are extremely important foundations for achieving sustainable growth and stability throughout the continent.
It is noteworthy that the African continent accounts for the largest regional share of the OPEC Fund’s portfolio, which, since its establishment in 1976, has agreed to finance African countries with more than $14.6 billion. Within the framework of its 2030 strategy, the Fund intends to expand the scope of its operations and focus primarily on Africa.
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