The development finance institution OPEC Fund for International Development approved more than $600 million in new development financing to advance sustainable social and economic development, on Thursday.
The OPEC Fund said the new funds will support projects in transportation, health, education, and energy sectors, while also promoting climate action, and food security, and reinforcing international trade.
Abdulhamid Alkhalifa, chief executive of OPEC Fund said, “In 2023 we continued to strengthen our impact and increase commitments in support of sustainable social and economic development in our partner countries all across the globe.”
“The new projects approved today will empower communities and improve living conditions for millions of people,” continued Alkhalifa.
The OPEC Fund previously partnered with the International Atomic Energy Agency and a $500,000 grant agreement with the World Food Programme on the sidelines of the UN Climate Change Conference COP28 in Dubai. The partnerships are aligned with the OPEC Fund’s $1 billion Food Security Action Plan, adopted in 2022.
The Vienna, Austria-based company is a development finance institution working in cooperation with 125 country partners and the international donor community by providing financing to build essential infrastructure, strengthen social services delivery, and promote productivity, competitiveness, and trade.
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