A USD 40 million loan agreement between OPEC Fund and the East African Development Bank will boost economic investments across Kenya, Uganda, Tanzania and Rwanda.
The grant is also being channelled through the East African Development Bank (EADB) to strengthen regional integration and inclusive growth.
It is part of the USD 1 billion new financing announcements made during the fourth OPEC Fund Development Forum, held in Vienna, Austria.
The OPEC Fund announced some USD720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and saw the signing of USD362 million in new loan agreements
OPEC Fund has signed USD 362 million new loan agreements during the Forum and announces approval of USD 720 million in new financing in the second Quarter.
There was also a Country Partnership Framework agreement with Rwanda which earmarks USD 300 million financing in the next three years up to 2028.
At the high-level Mauritania roundtable hosted by the OPEC Fund, the Arab Coordination Group (ACG) announced a pledge of USD 2 billion financing over the next 5 years to support Mauritania’s development priorities.
The Forum brought together more than 700 global leaders, including government representatives, development institutions and private sector stakeholders, under the theme “A Transition That Empowers Our Tomorrow”.
A new Trade Finance Initiative is set to secure vital supplies and help close trade-related liquidity gaps in partner countries.
OPEC Fund President Abdulhamid Alkhalifa said the OPEC Fund Development Forum reflects their conviction that partnerships must deliver results.
“Today we achieved tangible progress – with new signings, new partnerships and new approaches to help our partner countries turn ambition into action. Whether in energy, infrastructure, agriculture or finance, we are responding with solutions that make a difference,” added Alkhalifa.
As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada, and the Solomon Islands, expanding support for climate resilience and sustainable infrastructure.
New country-level agreements and cooperation frameworks include the agreement of USD 212 million loans with Oman to finance the Khasab-Daba-Lima Road Project (Sultan Faisal bin Turki Road), improving local and regional connectivity, as well as a Country Partnership Framework (CPF) to strengthen cooperation over the next five years.
There is also a USD25 million loan agreement with Cameroon to strengthen the Rice Value Chain Development Project, supporting smallholder farmers and strengthening food security in vulnerable regions, in collaboration with the Islamic Development Bank (IsDB), Arab Bank for Economic Development in Africa (BADEA) and the Kuwait Fund.
A Central Provident Fund (CPF) with Rwanda to allocate up to USD300 million in financing for 2025 – 2028, supporting the country’s development priorities, including quality infrastructure, improved essential basic services and the promotion of entrepreneurship and the private sector.
The OPEC Fund continues to prioritize private sector-led growth with targeted financing to financial institutions across Africa:
In Côte d’Ivoire, a €30 million loan agreement with Coris Bank International Côte d’Ivoire and a €35 million loan agreement with NSIA Banque will facilitate access to finance for small and medium-sized enterprises (SMEs).
New Trade Finance Initiative
At the Forum the OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps and strengthening resilience to external shocks in vulnerable economies.
Advancing global cooperation
The Forum also featured new agreements to deepen multilateral cooperation:
A new cooperation agreement with the Central American Bank for Economic Integration (CABEI) will strengthen collaboration in infrastructure, energy and human development projects across the Latin America and Caribbean region.
The OPEC Fund and the Islamic Organization for Food Security (IOFS) formalized a cooperation agreement to coordinate efforts on climate-resilient agriculture and sustainable food systems.
A cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries.
Ahead of the Forum, the OPEC Fund hosted the Annual Meeting of the Heads of Institutions of the Arab Coordination Group (ACG).
Delegates participated in a high-level roundtable with the President of Mauritania, Mohamed Ould Ghazouani to strengthen development collaboration and mobilize investment flows to Mauritania.
The roundtable resulted in an ACG joint pledge of USD2 billion financing over the next five years. This will be directed to vital sectors, including energy, water, transportation and digital infrastructure to stimulate economic growth.
A dedicated Arab Donors Roundtable on the Sahel addressed strategies to mobilize greater support for the region’s urgent challenges. It was organized by the Permanent Interstate Committee for Drought Control in the Sahel (CLISS) and sponsored by the OPEC Fund’s partner institution, the Arab Bank for Economic Development in Africa (BADEA).