The fourth OPEC Fund Development Forum, recently concluded in Vienna, Austria, showcased a robust array of new commitments, loan agreements, and strategic partnerships aimed at facilitating inclusive transition and sustainable development. The forum convened over 700 global leaders, including government representatives, development institutions, and private sector stakeholders, under the theme “A Transition That Empowers Our Tomorrow.”
The OPEC Fund announced approximately $720 million in fresh financing to support development initiatives across Africa, Asia, Latin America, and the Caribbean, encompassing $362 million in new loan agreements. A new Trade Finance Initiative was also unveiled to secure essential supplies and help bridge trade-related liquidity gaps in partner nations. As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada and the Solomon Islands to enhance support for climate resilience and sustainable infrastructure.
Major loan agreements for infrastructure improvements
Among the new country-level agreements was a $212 million loan arrangement with Oman to finance the Khasab–Daba–Lima Road Project (Sultan Faisal bin Turki Road), which aims to improve local and regional connectivity. This agreement also introduced a Country Partnership Framework (CPF) to steer cooperation over the next five years. Another significant agreement included a $25 million loan with Cameroon to support the Rice Value Chain Development Project, which focuses on strengthening smallholder farmers and enhancing food security in vulnerable regions, in collaboration with the Islamic Development Bank (IsDB), the Arab Bank for Economic Development in Africa (BADEA), and the Kuwait Fund. The forum also featured the signing of a CPF with Rwanda, which allocates up to $300 million in financing from 2025 to 2028, supporting the country’s developmental priorities such as infrastructure enhancement, improved essential services, and the promotion of entrepreneurship and private sector growth.
Further partnership frameworks were established with Azerbaijan to bolster infrastructure, energy transition, and sustainable development, as well as with Botswana to encourage infrastructure, renewable energy, innovation, digital transformation, and export-led private sector growth. Agreements with Grenada and the Solomon Islands will aid in building climate resilience and advancing sustainable development goals. Meanwhile, discussions with the Kyrgyz Republic aim to enhance cooperation in transport, water supply and sanitation, energy, agriculture, and banking sectors.
Read more: OPEC Fund grants $20 million loan to support agricultural development in Malawi
Financing agreements to boost private sector growth
The OPEC Fund reinforced its dedication to private sector-led growth by signing targeted financing agreements with financial institutions across Africa. In Côte d’Ivoire, a €30 million loan was signed with Coris Bank International Côte d’Ivoire, alongside a €35 million loan with NSIA Banque. Both agreements aim to facilitate financial access for small and medium-sized enterprises (SMEs). Additionally, a $40 million loan agreement with the East African Development Bank (EADB) was finalized to stimulate economic investments in Kenya, Uganda, Tanzania, and Rwanda, thereby enhancing regional integration and inclusive growth.
During the forum, the OPEC Fund launched a new Trade Finance Initiative to strengthen trade resilience by ensuring access to critical imports, closing liquidity gaps, and mitigating external shocks in vulnerable economies. The event also included the signing of new cooperation agreements designed to fortify multilateral partnerships. An agreement with the Central American Bank for Economic Integration (CABEI) will support infrastructure, energy, and human development projects across Latin America and the Caribbean. Another collaboration with the Islamic Organization for Food Security (IOFS) aims to coordinate efforts on climate-resilient agriculture and sustainable food systems. A third agreement with the International Anti-Corruption Academy (IACA) will bolster training programs aimed at promoting institutional transparency and enhancing anti-corruption capabilities in partner countries.
OPEC Fund President Abdulhamid Alkhalifa highlighted that the forum yielded tangible outcomes, with new signings, partnerships, and strategies that empower partner countries to translate ambition into action across various sectors, including energy, infrastructure, agriculture, and finance.
