SPECIAL FEATURE


“ THE OPEC FUND AND COVID-19


As the world faced the coronavirus pandemic, the OPEC Fund immediately mobilized support for governments and the private sector – announcing a US$1 billion COVID-19 response program. Across its full range of co-financed projects, nearly all financing has already been committed. Sovereign loans were initially directed towards emergency relief efforts, for example purchasing medical supplies such as testing kits and laboratory equipment. The OPEC Fund’s public and private sector investments focused on minimizing the economic disruption caused by


At the onset of the pandemic the OPEC Fund announced a


US$1bn


COVID-19 response programme


the pandemic: ensuring access to capital for small- and medium-sized enterprises to sustain employment levels and create new jobs, while strengthening supply chains helped promote international trade and connectivity. The pandemic saw the OPEC Fund implement “fast track” approvals to respond to the rapidly- changing priorities in this unprecedented time. The global nature of the crisis also means that the OPEC Fund, more than ever, engages in partnerships with multilateral, regional and bilateral development organizations.


The pandemic saw the OPEC Fund implement “fast track” approvals to respond to the rapidly-changing priorities in this unprecedented time.


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PHOTO: UmairAshfaq/Shutterstock.com


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