OPEC Fund and African Development Bank Group Strengthen Collaboration to Promote Sustainable Development in Africa | African Development Bank

The OPEC Fund for International Development and the African Development Bank Group have signed a Memorandum of Understanding to expand their cooperation in support of sustainable economic and social development in Africa.

The agreement, signed at the 27th United Nations Climate Change Conference (COP27) in Sharm El-Sheikh, Egypt on November 8, creates the scope for further strategic and operational cooperation through co-financing of public and private sector projects, joint diagnostic and analytical activities and sharing knowledge and best practices.

The OPEC Fund and the African Development Bank Group have been partners since 1976. They have co-financed nearly 90 projects in the energy, transportation and water sectors to date, with more than $1 billion in OPEC fund contributions for more than $15 billion of the total project value.

In signing the agreement, Dr. Abdulhamid Alkhalifa, Director General of the OPEC Fund, said: “Promoting sustainable development in Africa has been our focus, with more than half of our historic commitments dedicated to the continent. The MoU demonstrates our ambition and willingness to do more and support African economies in addressing the many development challenges they face. We share a common vision and values ​​with African Development Bank and look forward to increasing our impact across Africa.”

Dr. Akinwumi Adesina, President of the African Development Bank Group, said: “We are delighted to revive the partnership between the African Development Bank and the OPEC Fund for International Development. Our two institutions are focused on improving people’s lives and there is a very strong alignment between our approaches. The signing of this Memorandum of Understanding today will further strengthen and deepen our cooperation.”

About the OPEC fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development agency that provides funding exclusively from member countries to third countries. The organization works with partners in developing countries and the international development community to drive economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a clear purpose: to drive development, strengthen communities and empower people. Our work is people-centric and focuses on funding projects that address essential needs, such as food, energy, infrastructure, employment (particularly with regard to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC fund has committed more than $22 billion to development projects in more than 125 countries with an estimated total project cost of $187 billion. The OPEC Fund has an AA+/Outlook Stable rating from Fitch and an AA Outlook Positive rating from S&P. Our vision is a world in which sustainable development is a reality for everyone.