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THE 174TH SESSION OF THE OPEC FUND’S GOVERNING BOARD


US$255m FRESH FUNDING OF FOR GLOBAL DEVELOPMENT OPERATIONS


The OPEC Fund has approved US$255 million for development operations across the world at the organization’s 174th Session of the Governing Board, held virtually.


OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said that the funding, approved across three of the OPEC Fund’s financing windows (public, private and trade finance), demonstrates the organization’s commitment to the Sustainable Development Goals and its continued determination to support partner countries amid a challenging global environment.


“The OPEC Fund’s new strategy, launched in 2019 and fully backed by our member countries, has enabled


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us to be more agile and responsive to complex and fast-changing development needs,” Dr. Alkhalifa said, referring to the organization’s Strategic Framework, which focuses on financial sustainability and improving the development impact of the OPEC Fund’s financing.


Dr. Alkhalifa continued: “Now is the time for development institutions like ours to demonstrate togetherness and show how we can help bridge the gap between the ‘haves’ and the ‘have- nots’. The OPEC Fund is moving smart and fast, and working in partnership to deliver resources to the people most in need.”


The distribution of funds is illustrated on the map overleaf.


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