The OPEC Fund for International Development has approved a co-financing program with the African Development Fund (AfDF), totaling approximately $2 billion. This initiative aims to provide concessional financing to the most vulnerable African nations between 2026 and 2030, according to a statement released by the OPEC Fund on Wednesday.
The collaboration with the AfDF is designed to invest in key development pathways, including energy, food security, climate change adaptation, and human capital development. These areas are considered essential pillars for supporting sustainable growth and fostering stability across the continent.
Abdulhamid Alkhalifa, Director-General of the OPEC Fund, emphasized the fund’s long-standing commitment to Africa. He reiterated the organization’s dedication to providing highly concessional financing to the least developed African countries. Africa remains a central focus of the OPEC Fund’s development mission, with a renewed commitment to providing long-term, affordable financing to countries most in need across the continent.
Africa currently constitutes 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 projects in African nations. The OPEC Fund intends to expand its operations, with a primary focus on the continent, as part of its developmental strategy towards 2030.
This significant financial commitment underscores the OPEC Fund’s dedication to supporting sustainable development and improving the lives of people across Africa. The focus on key sectors like energy and food security highlights the Fund’s understanding of the critical challenges facing the continent.
