MULTI-SECTOR PROJECTS
Recognizing that all 17 SDGs are interlinked, the OPEC Fund works to promote a better understanding of the interdependence within and across sectors. As well as supporting multi-sector projects, the OPEC Fund also finances cross-cutting projects such as financial initi- atives that support agriculture or education. In 2021, the OPEC Fund committed close to US$246 million in support of multi-sector projects.
PROMOTING ECONOMIC RESILIENCE AND CREATING JOBS IN JORDAN The OPEC Fund is working with the Jordanian gov- ernment and the World Bank to help mitigate the socio-economic impact of the COVID-19 pandemic. A US$70.5 million loan will finance social safety net pro- grams and stimulus packages aimed at retaining workers and creating jobs, especially for youth and new gradu- ates. Unemployment has reached a level of more than 50 percent in the aftermath of the pandemic and strength- ening economic resilience is crucial.
RAISING LIVING STANDARDS IN RURAL UZBEKISTAN To help rural communities increase living standards, the government of Uzbekistan developed the Obod Qish- loq (“Prosperous Villages”) program. The OPEC Fund supports the initiative with a US$75 million loan, which will finance key infrastructure such as roads and water and energy networks, as well as strengthen participatory local governance and community engagement. The loan will benefit more than 700,000 people in four regions of the country.
TRADE FINANCE
The COVID-19 pandemic had an massive impact on global trade, initially with a sharp decline in demand, followed by a strong recovery in 2021. As importers and exporters around the world adapted to the changing routes of supply and composition of goods – from medical products to food and energy-related commodities – trade finance has been a key financial instrument to keep global trade flowing.
In emerging markets and developing economies trade finance plays a vital role. It enables the ex- port and import of goods by providing coverage for the risks associated with trade, such as trans- porting over long distances, differences between banking and credit systems, and economic and political uncertainties.
In 2021, the OPEC Fund committed US$444 million to promote international trade.
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