The OPEC Fund for International Development (the OPEC Fund) announced $605 million in new financing for projects focusing on global food security, climate finance and critical infrastructure at the Fund’s Governing Board meeting in Vienna.

India and Morocco received the biggest loans of $100 million each for Mumbai Metro and Climate Change Resilience projects respectively

The projects approved by the Governing Board are as follows:

Public sector operations

Bangladesh: A $35 million loan to a private bank to support on-lending to small businesses and women-owned businesses and to promote food security and climate action.

Bhutan: A $50 million loan to support the development of 65 MW renewable energy capacity with the Begana and Gamri-I Integrated Hydropower Project to strengthen energy security and reduce import dependency in dry seasons.

China: A $56.5 million loan to finance the Pengshui Vocational Education Project to expand and strengthen the existing capacity and deliver market-oriented education for about 9,000 young students in Pengshui County.

Guinea Bissau: A $15 million loan to co-finance the Economic Development of Southern Regions Project - Phase II with the International Fund for Agricultural Development (IFAD) to increase agricultural resilience with climate-smart practices.

India: A $100 million loan to co-finance the Mumbai Metro Line 5 Project, together with the Asian Infrastructure Investment Bank (AIIB), to meet the growing demand for urban transportation in the metropolitan region with a population of over 26 million.

Lesotho: A $20 million loan to support the Wool and Mohair Value Chain Competitiveness Project through sustainable, climate-smart practices and supporting more than 45,000 smallholder farmer families.

Morocco: A $100 million loan to co-finance the first phase of the Economic Governance and Climate Change Resilience Support Programme to increase competitiveness and strengthen resilience, including to climate change.

Rwanda: A $20 million loan to co-finance the second phase of the Rwanda Dairy Development Project to enhance income, nutrition and resilience of 175,000 rural households through a more inclusive, sustainable, digitised and competitive dairy sector.

Somalia: A $36 million loan to finance the Debt Sustainability and Clean Cooking Program and provision of two separate $3 million grants to support project implementation.

Tanzania: A $50 million loan to co-finance the Climate Smart Smallholders Dairy Transformation Project together with IFAD to improve livelihoods of 120,000 rural households, increase food safety and mitigate the impact on climate change.

Türkiye: A $20 million loan to partially finance the Post-Earthquake Emergency Hospitals Project, which is part of overall Government efforts to build 13 hospitals following the 2023 disaster. The OPEC Fund’s loan will support the construction of one 50-bed, earthquake-resilient hospital in the Malatya province in eastern Anatolia.

Private Sector and Trade Finance Operations

Bosnia and Herzegovina: A €12.5 million loan to Raiffeisen Bank Bosnia and Herzegovina for on-lending to micro, small and medium-sized enterprises, including women-led companies.

Mauritania: A $40 million participation in a multi-lender trade finance facility to support energy security

Uzbekistan: A $40 million loan to a bank in Uzbekistan to support small and medium-sized enterprises and agribusinesses.

Grants

Global: A $3 million grant to establish the OPEC Fund Food Security and Climate Adaptation Facility, an initiative to strengthen climate-resilient food systems and improve food security in the most vulnerable regions of the world. The facility aims to catalyze $500 million in investments by 2030 and will kick-off with pilot initiatives in sub–Saharan Africa.