In 2023, the OPEC Fund for International Development allocated $1.7 billion to support 55 projects globally, with notable beneficiaries including a Nigerian solar plant and an Azerbaijani wind farm.
Almost 60 percent of the financing in the energy sector was dedicated to renewable energy initiatives, aligning with the institution’s Climate Action Plan.
Among the supported projects were a $25 million solar plant in Niger, a $50 million 240-megawatt wind farm in Azerbaijan, and a contribution of $40 million to two wind power plants in Uzbekistan, collectively providing 1 gigawatt of renewable energy capacity.
The OPEC Fund also focused on enhancing energy security in Tanzania and Bangladesh, in line with Sustainable Development Goal 7 for clean and affordable energy access.
The capital allocation aimed to address urgent global challenges, including climate change, social and economic resilience, and sustainable growth. Abdulhamid Al-Khalifa, the director general of the organization, emphasized the significant impact achieved amid a challenging global environment, highlighting the success in leveraging partnerships with multilateral development banks and institutions.
In pursuing its 2030 target to commit 40 percent of all new financing to climate action, the OPEC Fund achieved robust results across diverse regions in 2023.
Africa received the largest share of investments at 42 percent, while the Middle East, North Africa, Europe, and Central Asia collectively accounted for 20 percent.
Latin America and the Caribbean also stood at 20 percent, and Asia and the Pacific received 18 percent.
Utilizing a mix of public and private sector lending, trade finance, and grant operations, the OPEC Fund’s lending program in 2023 featured policy-based loans as the focal point, constituting 31 percent of the total.
The transport and storage sector emerged as a key recipient, claiming the largest share at 14 percent.
