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-OPEC Fund approves more than 300 million dollars in new financing and complies with its Climate Action Plan
VIENNA, March 14, 2023 /PRNewswire/ — The OPEC Fund for International Development (the OPEC Fund) has approved more than $300 million in new funding in the first quarter of 2023, reflecting the institution’s commitment to compliance with its Climate Action Plan. Three of the four projects approved by the OPEC Fund Board of Governors directly support climate finance.
Director-General Dr. Abdulhamid Alkhalifa said: “The OPEC Fund is proud to deliver on its climate commitments and ensure a positive impact for people and the planet. These efforts will help our partners in Africa, Asia and Latin America to improve their policies while driving resilience to climate change. At the same time, our work on energy access and road infrastructure underscores our continued dedication to improving the lives of people around the world.”
The OPEC Fund adopted its first dedicated Climate Action Plan in September 2022. The plan commits the organization to increasing the share of its climate funding to 40 percent of all new funding by 2030 and integrating climate action into the project cycle, increasing climate adaptation, mitigation and resilience investments in energy, transport, agriculture, food, water and smart cities.
The OPEC Fund Board of Directors approved the following projects:
Armenia: A €50 million loan will support policies to increase resilience to and mitigation of climate change through a series of reforms related to energy efficiency, air quality standards and financing of environmental impact assessments .
Colombia: A US$150 million loan will support policies to promote sustainable and resilient growth, fostering the government’s capacity to plan climate action and promote the energy transition.
India: A $100 million loan will help finance a 56 km ring road around one of the country’s largest cities, serving a population of more than 4 million people. The financing will also include a grant of $410,000, which will contribute to the preparation and execution of the project.
Seychelles: A $20 million loan will help the country strengthen policies to promote inclusive and sustainable growth. Planned measures include climate-related reforms for land development, consumer data protection and fisheries regulations.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides funding from member countries exclusively to non-member countries. The organization works cooperatively with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was created in 1976 with a well-defined purpose: to promote development, strengthen communities and empower people. Our work is people-centred, focusing on financing projects that meet essential needs such as food, energy, infrastructure, employment (particularly in relation to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than $24 billion to development projects in more than 125 countries, with an estimated total cost of $190 billion. The OPEC Fund has been rated AA/Stable Outlook by Fitch, and by S
Contact:Basak PamirT 43151564174B.Pamir@opecfund.org
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