OPEC Fund Approves US$605 Million in New Development Financing
The OPEC Fund for International Development (OPEC Fund) continues to expand its portfolio with the approval of US$605 million in new financing. During its 188th Governing Board meeting held in Vienna, the board concluded a series of high-level engagements, greenlighting key development projects focused on global food security, climate finance, and critical infrastructure.
Ahead of the Governing Board meeting, the OPEC Fund inaugurated its extended Headquarters building on Vienna’s historic Ringstrasse. Mohammed Al-Jadaan, Chairman of the Ministerial Council and Saudi Arabian Minister of Finance, remarked on the occasion, stating: “This is a symbolic moment because it shows the institution at its best and demonstrates the ambition and the achievements that characterize the OPEC Fund.”
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OPEC Fund President Abdulhamid Alkhalifa emphasized the institution’s commitment to delivering the Sustainable Development Goals (SDGs). He highlighted the strong relationship with host country Austria and expressed the organization’s intent to enhance its presence and visibility with the new Headquarters.
Since its previous meeting in March 2024, the OPEC Fund’s Governing Board has approved several new projects, marking significant progress in its development agenda. These projects will address pressing global issues, reinforcing the Fund’s dedication to fostering sustainable development and improving living standards in developing countries.
