According to the African Development Bank (AfDB) Groupwebsite news release on November 9, 2022, the OPEC Fund for International Development and the African Development Bank Group have signed a memorandum of understanding to expand their partnership to support sustainable economic and social development in Africa.
The agreement, signed at the 27th United Nations Climate Conference (COP27) in Sharm El-Sheikh, Egypt on 8 November, sets the scope for further strategic and operational cooperation through co-financing of public and private sector projects, joint diagnostic and analytical work, and sharing of knowledge and best practices.
The OPEC Fund and the African Development Bank Group have been partners since 1976. They have so far co-financed nearly 90 projects in the energy, transport and water sectors, with more than $1 billion of OPEC Fund contribution for over $15 billion of the total project value.
Signing the agreement, OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “Promoting sustainable development in Africa has been our focus, with more than half of our historic commitments dedicated to the continent. The MoU signals our ambition and preparedness to do more and support African economies in tackling the multiple development challenges they are facing. We share a common vision and values with African Development Bank and look forward to boosting our impact across Africa.”
African Development Bank Group President Dr. Akinwumi Adesina said: "We are pleased to re-dynamize the partnership between the African Development Bank and the OPEC Fund for International Development. Our two institutions are focussed on how to improve the lives of people and there is a very strong alignment between our approaches. The signing of this memorandum of understanding today will strengthen and deepen our cooperation even further."
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA Outlook Positive by S&P. Our vision is a world where sustainable development is a reality for all.
