The OPEC Fund for International Development is committed to providing over $1 billion in financing to Africa and other developing countries, as part of a larger pledge of two billion dollars made by Arab nations over the next five years.

The fourth OPEC Fund Development Forum concluded with a series of new commitments, loan agreements, and strategic partnerships aimed at promoting an inclusive transition and sustainable development. The Forum brought together over 700 world leaders, including representatives of governments, development institutions and private sector actors, around the theme “A transition that shapes our future.”

The OPEC Fund announced new funding of some $720 million to support development efforts in Africa, Asia, Latin America and the Caribbean, and saw the signing of new loan agreements worth $362 million. A new trade finance initiative aims to secure vital supplies and address trade-related liquidity gaps in partner countries

OPEC Fund President Abdulhamid Alkhalifa said, “The OPEC Fund Development Forum reflects our belief that partnerships should deliver results. Today, we have made tangible progress — with new signatures, new partnerships, and new approaches to help our partner countries achieve their ambitions. Whether in the fields of energy, infrastructure, agriculture or finance, we provide solutions that make a difference.

As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada and the Solomon Islands, expanding its support for climate resilience and sustainable infrastructure.