The fourth OPEC Fund Development Forum has concluded with a strong slate of new commitments, loan agreements and strategic partnerships to advance inclusive transition and sustainable development. According to a statement “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 $720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and saw the signing of $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 $212 million loan agreement with Oman to finance the Khasab-Daba-Lima Road Project, improving local and regional connectivity, as well as a Country Partnership Framework to strengthen cooperation over the next five years. A $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 $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 $40 million loan agreement with the East African Development Bank 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 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 formalized a cooperation agreement to coordinate efforts on climate-resilient agriculture and sustainable food systems. A cooperation agreement with the International Anti-Corruption Academy will support training programs to promote institutional transparency and anti-corruption capa 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).”
