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OFID ANNUAL REPORT 2018


OFID remains committed to sustainable development agenda


New Annual Report shows cumulative commitments to global development exceeding US$23 billion in 2018 – and fresh funding for the year amounts to US$1,498.7 million. By Anna Ilaria-Mayrhofer


O


FID has launched its 2018 Annual Report which shows the organization’s ongoing commitment to the United Nations 2030 Agenda for


Sustainable Development and the Sustainable Development Goals (SDGs). The report shows that projects in the energy, transportation and financial sectors led in the approvals, followed by agriculture and water. OFID Director-General Dr Abdulhamid Alkhalifa, writing in the Foreword, explained that: “OFID remained true to its aim of being led by the demands of developing countries – all support provided by the organization during the year reflects the needs and priorities of partner countries in their quest for progress.”


FOCUS AREAS In 2018, US$386 million in development finance approvals were earmarked for energy projects in 12 countries. Amounting to more than one-quarter of total approvals for the year, the funding will support a wide range of solutions, from power plants and rural electrification projects to new distribution systems and small-scale renewable energy schemes. Development projects in the transportation


sector received more than US$296 million in new commitments – nearly 20 percent of the total commitments for 2018. The majority will support the Africa region (US$170 million), followed by Europe (US$86.1 million) and Asia (US$40million). The financing will help improve and build transport infrastructure, support regional trade and social and economic services, as well as help enhance food security and boost tourism. Commitments totaling US$242.2 million will support a broad range of financial intermediaries,


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including microfinance institutions, commercial banks and regional development institutions. Funding will also enable international trade and on-lending to micro- small- and medium-sized enterprises. Agriculture-related operations of


US$173.4 million – the majority in Africa – were approved to support trade finance operations as well as renovate and construct rural infrastructure, develop farmland and boost capacity building.


REGIONAL OPERATIONS In keeping with its mandate to prioritize low-income nations, OFID approved US$709.89 million for development operations in Africa – representing by far the largest share (47 percent) of the organization’s commitments for 2018 and benefiting 34 countries. In line with the continent’s priorities, US$207.5 million helped fund energy operations, while US$172.7 million was earmarked for food security initiatives. Substantial approvals totaling US$170 million went towards transportation projects to provide safer, more efficient connections and help isolated communities reach social amenities. In Asia, 20 countries stand to benefit


from development finance approvals of US$383.76 million, with operations in the energy sector leading the way with US$103.2 million; closely followed by the financial sector with US$100 million to help boost private sector and trade finance activities; in addition to US$92 million to help meet the health needs of the elderly population. In Latin America and the Caribbean, seven countries will share US$315.1 million of OFID funding for operations in the energy and water and sanitation sectors (US$210 million) to


The 2018 Annual Report is available in English, Arabic, French and Spanish and in PDF format for


downloading from OFID’s website www.ofid.org.


improve health and living conditions; support to the financial sector (US$25 million) and trade finance commitments totaling US$80 million. Two countries in Europe will receive


US$86.08 million to help lift transportation constraints and improve trade opportunities.


FINANCIAL MECHANISMS Public sector operations amounted to nearly one-half of all approvals for 2018 – US$731.7 million. OFID’s private sector and trade finance operations remained robust, with approvals totaling US$746.02 million. Under OFID’s Grants and Technical Assistance window, US$21.03 million was approved in 2018 to support operations in some of the most disadvantaged regions of the world.


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