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The OPEC Fund for International Development (OPEC Fund) approves close to US$1 billion in new development financing

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1 year ago

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OPEC

These projects will benefit countries across the globe and aim to bolster infrastructure, food security, renewable energy, economic resilience and governance in partner countries

VIENNA, Austria, December 10, 2024/APO Group/ — 

The OPEC Fund for International Development (OPEC Fund) (www.OPECFund.org) has approved close to US$1 billion in new development financing over the last quarter of 2024, including during its 190th Governing Board meeting in Vienna today. These projects will benefit countries across the globe and aim to bolster infrastructure, food security, renewable energy, economic resilience and governance in partner countries.

OPEC Fund President Abdulhamid Alkhalifa said: “2024 has been a landmark year for the OPEC Fund, marked by a significant increase in project approvals and commitments across key sectors, helping to build resilience, develop sustainable infrastructure and address climate change. Our latest round of financing reflects the OPEC Fund’s ongoing dedication to delivering impactful solutions that drive meaningful change for millions of people. We remain focused on working with partners worldwide to tackle today’s challenges and build a better tomorrow.”

The OPEC Fund most recently approved projects since September 2024 (in alphabetical order):

Public Sector Operations:

Bangladesh: A €96.1 million loan will co-finance the Strengthening Economic Management and Governance Program with the Asian Development Bank (ADB). This initiative supports the government’s reform agenda to strengthen private sector development, trade logistics and governance. It aims to improve domestic resource mobilization, enhance public sector transparency and promote the diversification of exports.

Burkina Faso: A US$30 million loan will support the Human Capital Protection Project, which aims to provide 17 million free healthcare consultations, immunize one million children under age five and improve education for 91,000 teachers and 748,000 students. The initiative is co-financed with the World Bank.

Chad: A US$16 million loan will promote the Rice Farming Development Project in Chari-Logone, co-financed with BADEA. The project will benefit 2,000 households, with half the beneficiaries being women and youth, by enhancing agricultural productivity, rural infrastructure and agribusiness practices in selected provinces.

Comoros: A US$17.5 million loan will support the First Fiscal Management and Resilient Growth Development Policy. This program aims to improve debt management, enhance disaster resilience and strengthen the country’s economic stability and governance frameworks.

El Salvador: A US$30 million loan will co-finance the Rural Adelante 2.0 Program in partnership with the International Fund for Agricultural Development (IFAD). The program will support 74,000 smallholder farmers and rural families by improving agricultural practices, market access and climate resilience, ultimately boosting incomes and food security.

The Gambia: A US$20 million loan will fund the Rural Infrastructure Development Project (Phase 2), which will improve access to agricultural markets through enhanced rural infrastructure. The project will benefit local farmers and communities with interventions in agriculture value chains and improved connectivity to markets.

Honduras: A US$50 million loan will support the Women’s Empowerment and Social Inclusion Program promoting gender equality and empowering marginalized groups, including indigenous and Afro-descendant populations.

Kenya: A €60 million loan will co-finance the Economic Inclusion and Green Recovery Support Program with the African Development Bank. This initiative aims to create more inclusive and competitive markets, improve governance frameworks and promote green economic recovery.

Malawi: A US$20 million loan will co-finance the Mangochi–Mwanjati–Makanjira Road Project (Phase I). This project will benefit some 300,000 people by enhancing regional connectivity, reducing travel times and supporting economic development.

Mauritania: A US$40 million loan will help fund the Mauritania-Mali Power Interconnection and Related Solar Power Plants Development Project, alongside multiple development partners. The project will connect 80,000 households to electricity, promote renewable energy and reduce greenhouse gas emissions.

Our latest round of financing reflects the OPEC Fund’s ongoing dedication to delivering impactful solutions that drive meaningful change for millions of people

Montenegro: A €50 million loan, the OPEC Fund’s first engagement in the South-East European country, will support the Resilient Fiscal and Sustainable Development Program. The project focuses on improving fiscal sustainability, energy efficiency and waste management, while reducing greenhouse gas emissions.

Senegal: A US$60 million loan will fund the Senegal Food Sovereignty Strategy Support Project to enhance agricultural productivity, climate resilience and market access for 220,000 households with a focus on women and youth.

Sierra Leone: A US$30 million loan and a $2 million grant will support the Livestock and Livelihoods Development Program. This initiative will enhance livestock productivity, establish small and medium-sized enterprises and improve nutrition and income for rural communities. It is expected to create some 20,000 new jobs along the agricultural value chain and contribute to sustainable agricultural development.

Sri Lanka: A US$50 million loan will co-finance the Second Resilience, Stability, and Economic Turnaround Development Policy Operation to restore macroeconomic stability, improve fiscal governance and protect vulnerable populations.

Türkiye: A €50 million loan to the Climate Finance Facility Project will support investments in renewable energy, energy efficiency and climate adaptation. The project will be implemented by the Turkish Industrial and Development Bank (TSKB) and aligns with Türkiye’s net-zero target for 2053.

Uzbekistan: A €70 million loan will support the Second Inclusive and Resilient Market Economy Development Program. This initiative focuses on improving fiscal risk management, enhancing social inclusion and fostering private financing for climate action.

Private Sector Operations:

Côte d’Ivoire: A €35 million loan to a local bank will support on-lending to small and medium-sized enterprises (SMEs), addressing a financing gap for local companies. The loan will improve SMEs’ access to finance, fostering economic growth and job creation. Small enterprises represent nearly all businesses in Côte d’Ivoire.

Côte d’Ivoire: A €50 million participation in a trade finance facility will support the procurement and export of traceable cocoa, benefiting one million producers and five million people reliant on the cocoa sector.

Dominican Republic: A US$10 million loan to a local bank will support on-lending to micro, small, and medium enterprises (MSMEs) and women-led businesses, fostering economic growth and financial inclusion.

Egypt: A US$40 million loan will support the construction of two wind farms with a total capacity of 1.1 GW in the Gulf of Suez. This renewable energy project will provide clean energy to over 1.3 million households and contribute to Egypt’s goal of sourcing over 40 percent of electricity from renewables by 2035.

Ghana: A US$20 million participation in a secured trade finance facility will support the purchase, storage, and processing of cocoa beans. The facility will help expand access to premium cocoa in global markets.

Paraguay: A US$40 million syndicated loan to a local bank will support the growth of the bank’s SME loan portfolio and financing for agricultural projects, including women-led SMEs and green energy initiatives.

Uzbekistan: A US$30 million loan to Joint Stock Innovation Commercial Bank “Ipak Yuli” will expand lending to MSMEs, including women-owned businesses, fostering economic growth and job creation.

Technical Assistance Grant:

Regional (Asia and the Pacific): A US$1.5 million technical assistance grant will support the implementation of the Nature Solutions Finance Hub in partnership with the Asian Development Bank (ADB). The initiative aims to scale up investments in nature-based solutions to address biodiversity loss and climate change, targeting US$5 billion in financing flows by 2030.

Distributed by APO Group on behalf of OPEC Fund.

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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February 6, 2026

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The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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2 days ago

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February 6, 2026

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After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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February 6, 2026

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This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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