Sierra Leone Telegraph: 12 December 2924:
The OPEC Fund for International Development (OPEC Fund) (www.OPECFund.org) has approved close to US$1 billion in new development financing over the last quarter of 2024, including during its 190th Governing Board meeting in Vienna on Tuesday.
These projects will benefit countries across the globe and aim to bolster infrastructure, food security, renewable energy, economic resilience and governance in partner countries.
OPEC Fund President Abdulhamid Alkhalifa (Photo below) said: “2024 has been a landmark year for the OPEC Fund, marked by a significant increase in project approvals and commitments across key sectors, helping to build resilience, develop sustainable infrastructure and address climate change. Our latest round of financing reflects the OPEC Fund’s ongoing dedication to delivering impactful solutions that drive meaningful change for millions of people. We remain focused on working with partners worldwide to tackle today’s challenges and build a better tomorrow.”
The OPEC Fund most recently approved projects since September 2024, include in the following African countries:
Public Sector Operations:
Burkina Faso
A US$30 million loan will support the Human Capital Protection Project, which aims to provide 17 million free healthcare consultations, immunize one million children under age five and improve education for 91,000 teachers and 748,000 students. The initiative is co-financed with the World Bank.
Chad
A US$16 million loan will promote the Rice Farming Development Project in Chari-Logone, co-financed with BADEA. The project will benefit 2,000 households, with half the beneficiaries being women and youth, by enhancing agricultural productivity, rural infrastructure and agribusiness practices in selected provinces.
Comoros
A US$17.5 million loan will support the First Fiscal Management and Resilient Growth Development Policy. This program aims to improve debt management, enhance disaster resilience and strengthen the country’s economic stability and governance frameworks.
The Gambia
A US$20 million loan will fund the Rural Infrastructure Development Project (Phase 2), which will improve access to agricultural markets through enhanced rural infrastructure. The project will benefit local farmers and communities with interventions in agriculture value chains and improved connectivity to markets.
Kenya
A €60 million loan will co-finance the Economic Inclusion and Green Recovery Support Program with the African Development Bank. This initiative aims to create more inclusive and competitive markets, improve governance frameworks and promote green economic recovery.
Malawi
A US$20 million loan will co-finance the Mangochi–Mwanjati–Makanjira Road Project (Phase I). This project will benefit some 300,000 people by enhancing regional connectivity, reducing travel times and supporting economic development.
Mauritania
A US$40 million loan will help fund the Mauritania-Mali Power Interconnection and Related Solar Power Plants Development Project, alongside multiple development partners. The project will connect 80,000 households to electricity, promote renewable energy and reduce greenhouse gas emissions.
Senegal
A US$60 million loan will fund the Senegal Food Sovereignty Strategy Support Project to enhance agricultural productivity, climate resilience and market access for 220,000 households with a focus on women and youth.
Sierra Leone
A US$30 million loan and a $2 million grant will support the Livestock and Livelihoods Development Program. This initiative will enhance livestock productivity, establish small and medium-sized enterprises and improve nutrition and income for rural communities.
It is expected to create some 20,000 new jobs along the agricultural value chain and contribute to sustainable agricultural development.
Private Sector Operations:
Côte d’Ivoire
A €35 million loan to a local bank will support on-lending to small and medium-sized enterprises (SMEs), addressing a financing gap for local companies. The loan will improve SMEs’ access to finance, fostering economic growth and job creation. Small enterprises represent nearly all businesses in Côte d’Ivoire.
Côte d’Ivoire
A €50 million participation in a trade finance facility will support the procurement and export of traceable cocoa, benefiting one million producers and five million people reliant on the cocoa sector.
Egypt
A US$40 million loan will support the construction of two wind farms with a total capacity of 1.1 GW in the Gulf of Suez. This renewable energy project will provide clean energy to over 1.3 million households and contribute to Egypt’s goal of sourcing over 40 percent of electricity from renewables by 2035.
Ghana
A US$20 million participation in a secured trade finance facility will support the purchase, storage, and processing of cocoa beans. The facility will help expand access to premium cocoa in global markets.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation 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 established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education.
To date, the OPEC Fund has committed over US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.
