(MENAFN) In a remarkable stride towards global development, the OPEC Fund for International Development (OPEC Fund) expanded its new development commitments, reaching an impressive USD1.7 billion in the preceding year. The announcement, made on the occasion of the 48th anniversary of the Fund's establishment, highlighted its substantial contributions to financing 55 projects worldwide. These initiatives span diverse areas, encompassing climate change mitigation, energy transition, economic and social development, climate resilience, job creation, and the promotion of food security and sustainable growth.
The statement issued from the Fund's headquarters in Vienna, Austria, emphasized the organization's commitment to advancing the 2030 Agenda, particularly by allocating 40 percent of its total new financing towards climate action. Abdul Hamid Al Khalifa, the Director General of the OPEC Fund, expressed pride in the Fund's heightened impact in 2023, citing its crucial role in providing development support amid a global environment fraught with challenges.
Al Khalifa underscored the Fund's success in adapting and expanding its lending program across various domains, responding effectively to the growing demand from partner countries. Additionally, the Fund demonstrated prowess in raising additional funds from capital markets, leveraging partnerships with multilateral development banks, and collaborating with development finance institutions to mobilize support for development initiatives.
The noteworthy increase in the Fund's investments underscores its dedication to addressing the pressing issues of our time, from climate change to sustainable development, and reflects a commitment to fostering positive change on a global scale. As the OPEC Fund continues to play a pivotal role in financing impactful projects, its achievements in 2023 mark a significant milestone in the organization's ongoing efforts to contribute to a more sustainable and resilient world.
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