ALGIERS – The OPEC Fund for International Development announced Wednesday the approval of a joint financing program with the African Development Fund, part of the African Development Bank Group, totaling nearly $2 billion. This initiative aims to support the most vulnerable African countries between 2026 and 2030.
According to an official statement, the program will provide concessional financing to accelerate sustainable development by investing in strategic sectors. These sectors include energy, food security, climate change adaptation, and human capital development, which is considered essential for long-term stability and growth in the continent.
OPEC Fund Director-General Abdulhamid Alkhalifa emphasized that Africa remains a top priority for the fund. He highlighted the long-term commitment to supporting the least developed African countries by providing highly concessional financing tailored to their development needs.
Alkhalifa added that the OPEC Fund continues to provide long-term, low-cost financing to the neediest countries across the continent, working in effective partnership with African and international institutions.
The statement also noted that Africa accounts for the largest regional share of the OPEC Fund’s portfolio. Since its establishment in 1976, the Fund has approved over $14.6 billion in financing for development projects in African countries. The Fund affirmed its intention to expand its operations and strengthen its focus on the African continent as part of its 2030 development strategy.
DZWatch will continue to monitor this developing story.
