OPEC Fund Approves Over $600 Million for Global Development Projects.

Tuesday 8th April 2025

OPEC Fund Director General, Dr Abdulhamid Alkhalifa

Par inAfrika Reporter

The OPEC Fund for International Development has approved more than US$600 million in new financing for projects aimed at sustainable infrastructure, private sector support, food security, and human capital development across Africa, Asia, Latin America, and the Caribbean. The approvals, finalized during the 191st Governing Board meeting in Vienna and throughout the first quarter of 2025, underline the Fund’s broader commitment to fostering inclusive and resilient growth.

President Abdulhamid Alkhalifa emphasized the Fund’s strategic focus, noting that investments in transport corridors, vocational training, and small business financing offer real solutions that respond directly to the needs of partner countries. The new financing will target impactful initiatives such as the Expansion and Improvement of the San Jose – San Ramon Road Corridor Project in Costa Rica, which received €180 million to enhance traffic flow and road safety, ultimately boosting trade and economic integration. Nepal secured a US$100 million loan for electricity transmission and distribution strengthening, a joint initiative with the Asian Development Bank that will improve power reliability and facilitate cross-border energy trade in South Asia. Rwanda will benefit from a US$27.95 million loan to co-finance a project aiming to elevate aviation training standards and support the nation’s ambition to become a regional aviation hub.

In Senegal, €25 million has been approved to support sustainable agricultural productivity through the Water Valorization for Value Chains Development Project. This will benefit over 57,000 households, boosting job creation while addressing climate resilience. Tanzania will receive US$75 million as the first tranche of a US$150 million facility to develop the Uvinza–Malagarasi section of the Standard Gauge Railway, enhancing regional connectivity with neighboring countries such as Burundi and the Democratic Republic of the Congo.

Support for the private sector is equally robust. A €30 million investment in Côte d’Ivoire will expand financial access for small and medium-sized enterprises to strengthen entrepreneurship and generate employment. In the Democratic Republic of the Congo, a US$20 million loan will support critical sectors through on-lending, while Nicaragua will benefit from a US$20 million injection to promote financial inclusion in agriculture. Additionally, a US$40 million contribution to a regional US$240 million trade finance facility will support agricultural commodity imports and exports across Africa. These initiatives demonstrate the OPEC Fund’s commitment to sustainable impact and economic empowerment.