THE OPEC FUND AND


A WORD FROM THE OPEC FUND DIRECTOR-GENERAL


“Energy is at the heart of the social, economic and environmental challenges – and opportunities – facing the world today.


Renewables play a key role in the energy supplies of both developed and developing countries. While progress has been made in the uptake of renewables, energy efficiency and energy access, the world is still behind when it comes to meeting the targets of the Paris Agreement or of SDG 7 on access to clean modern energy for all.


To support faster transition to renewable sources of energy, the OPEC Fund continues to commit more financing to both public and private sector renewables projects, technical assistance and grants, and engages in policy dialogue with all energy market stakeholders.


The following pages provide an overview of some of our more recent work.”


Abdulhamid Alkhalifa


As OPEC’s Secretary General Mohammad Barkindo says: “The OPEC Fund’s work in helping evolve a sustainable future for poorer, low-income countries as they pursue social and economic advancement, and its close cooperation and work with many bilateral and multilateral agencies, should be widely lauded. While the two organizations evidently have distinct mandates, there is much that binds us together: our member countries, our history, the focus on key issues related to sustainable development and the critical need to alleviate energy poverty for the billions who continue to lack access to modern energy services.”


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Source: OPEC Fund Quarterly, 2019 issue 3, page 20 http://bit.ly/OQ2019-OPEC1


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THE OPEC FUND AND PARTNERS As you’ll see from the examples overleaf, we work closely with many partners, including the bilateral and multilateral agencies of member countries, the World Bank Group and more. Here is a helpful glossary that will allow you to more easily identify our co- financiers.


T A


th a


fin ADB


A A A A A A A B C D D


ADFD AFC AFD


AfDB


AFESD AIIB


BICEC CDC DEG


DG DEVCO EAIF FMO IF Is


EA E


EIB FM


ICCF IFC


IsDB JIC K


JICA KDB


K-Exim KFAED


K P


PROPARCO


SC S


Asian Development Bank


Abu Dhabi Fund for Development Africa Finance Corporation


Agence Française de Développement African Development Bank


Arab Fund for Economic and Social Development Asian Infrastructure Investment Bank


Banque Internationale du Cameroun pour L’Epargne et le Crédit The development finance institution owned by the UK government Deutsche Investitions – und Entwicklungsgesellschaft mbH


The European Commission’s Directorate-General for International Development


The Emerging Africa Infrastructure Fund Limited European Investment Bank


Dutch entrepreneurial development bank Interact Climate Change Facility


International Finance Corporation – the private sector development arm of the World Bank Group Islamic Development Bank


Japan International Cooperation Agency Korea Development Bank Export–Import Bank of Korea


Kuwait Fund for Arab Economic Development


The private sector financing arm of the Agence Française de Développement


SCB Cameroun Société Commerciale de Banque Cameroun S.A. SFD


Saudi Fund for Development


THE OPEC FUND: HERITAGE The OPEC Fund for International Development (the OPEC Fund) was born of OPEC, as its name suggests. The two organizations have distinct mandates that do not overlap. Over time, the OPEC Fund and OPEC have even evolved to comprise a slightly different set of member countries. The OPEC Fund supports development exclusively in non- member countries. The organization’s assistance is entirely independent of the level of income member countries receive from their oil resources. Nevertheless, the OPEC Fund remains – and will always remain – the manifestation of its member countries’ ambitions to create a fairer, more equitable world.


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