The OPEC Fund for International Development (OPEC Fund) is a multilateral development finance institution established in 1976 by the member countries of the Organization of the Petroleum Exporting Countries with a distinct purpose: to drive development, strengthen communities, and empower people. The fund works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries worldwide.
The priority of OPEC Fund’s Corporate Plan 2016–2025 is the energy–water–food nexus, underpinned by transportation as the enabling sector. It also prioritizes projects advancing agriculture, education, health, and water supply and sanitation. The fund prioritizes support for projects in the following countries: Armenia, Azerbaijan, Bangladesh, Bhutan, Cambodia, India, Kazakhstan, the Kyrgyz Republic, the Lao People’s Democratic Republic, Maldives, Mongolia, Nepal, Papua New Guinea, the Philippines, Samoa, Solomon Islands, Sri Lanka, Tajikistan, Tonga, Turkmenistan, and Uzbekistan.
5 November 2024
ADB approved a $311 million loan to improve and modernize Nepal’s electricity transmission and distribution infrastructure.
The Lao People’s Democratic Republic aims to transform Vientiane, its fast-growing capital, into a sustainable city with support from ADB and cofinancing partners European Union’s Asia Investment Facility, European Investment Bank, Global Environment Facility, and the OPEC Fund for International Development.
The COVID-19 pandemic sparked a sharp economic downturn and rapid rise in unemployment in Bangladesh. To assist the government, ADB committed more than $2.6 billion to manage the immediate economic, social, and health-related impacts of the pandemic.
Cities in Bangladesh ravaged by floods brought by Cyclone Sidr are rising up to become livable once more through improved infrastructure adhering to cyclone-resistant and flood protection design standards.
Working with ADB and the Government of Australia, with support from the OPEC Fund for International Development, Papua New Guinea is upgrading rural health facilities, training health workers, and rolling out an electronic health information system.
Trade and tourism are booming in western Tajikistan after the rehabilitation of a road that leads to the border with Uzbekistan. A collaboration between ADB and the OPEC Fund for International Development, the new road links to a cross-country highway that serves as conduit for trade goods.
By holistically pursuing rural development, the Water Resources Management Sector Development Program has not only helped reduce poverty in rural Cambodia; it has also made water agencies and farmer communities resilient to climate change and natural disasters.
This event highlighted the progress achieved since ADB launched the Nature Solutions Finance Hub (NSFH) at the Conference of the Parties 28, and facilitated discussions among the NSFH’s financial and technical partners to explore and identify further projects for financing. The OPEC Fund was one of NSFH’s financial partners.
Chief financial officers and chief risk officers from major multilateral development banks and other development finance institutions convened with the three major credit rating agencies (CRAs) to continue their dialogue on updating CRAs’ rating criteria.
Active trust funds are those a) with ongoing projects; or b) with no active projects but have remaining funds.
The OPEC Fund contributes to ADB’s development initiatives through cofinancing.
Sovereign Cofinancing. In 2024, OPEC Fund committed $100 million loan cofinancing to modernize Nepal’s electricity transmission and distribution infrastructure, ensuring reliable and sustainable electricity delivery while creating employment and business opportunities. Additionally, the fund committed $1.5 million in technical assistance to enhance the Nature Solutions Finance Hub for Asia and the Pacific by developing innovative finance models and nature-based-solution projects that are bankable and scalable. Furthermore, $0.4 million was allocated to support Azerbaijan by strengthening the expertise of its Conference of the Parties 29 (COP29) Organizing Committee and relevant ministries on core themes and expected outcomes critical for the success of COP29 and future COPs.
