OPEC Fund Commits $1B+ to Africa Infrastructure, Trade

The OPEC Fund for International Development has signed $362 million in new loan agreements and approved $720 million in new financing to advance sustainable development across Africa.

In partnership with private financial institutions, the Fund also launched a new Trade Finance Initiative to secure essential imports and close trade-related liquidity gaps in vulnerable economies.

“With new signings, new partnerships and new approaches to help our partner countries turn ambition into action […] we are responding with solutions that make a difference,” Abdulhamid Alkhalifa, President, OPEC Fund said in a statement.

Under the commitments, Rwanda will receive $300 million in financing over three years to support infrastructure development. Meanwhile, a $25 million loan agreement – in collaboration with the Islamic Development Bank, Arab Bank for Economic Development and Kuwait Fund – with Cameroon aims to strengthen the country’s Rice Value Development Project and agriculture sector.

Additional African financing includes a $40 million loan to the East African Development Bank to support regional growth across Kenya, Uganda, Tanzania and Rwanda. A $74.8 million loan agreement with banking group Coris Bank International Ivory Coast aims to boost small and medium enterprise lending in the country.

Furthermore, strategic alliance the Arab Coordination group has pledged $2 billion over five years to Mauritania for infrastructure, energy and water projects.

The new financing will also support development efforts across Asia, Latin America and the Caribbean.