The OPEC Fund for International Development

The OPEC Fund for International Development (OPEC Fund) is a multilateral institution dedicated to supporting the achievement of the Sustainable Development Goals through the provision of financing, technical assistance and knowledge sharing. It is a globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization was established in 1976 to drive development, strengthen communities and empower people in low- and middle-income countries to build shared prosperity. Its work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment, clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$32 billion to development projects in over 125 countries with an estimated total project cost of more than US$240 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and S&P Global Ratings. Originally created as a temporary channel for development assistance, the OPEC Fund became a permanent institution in 1980. The institution expanded its operations to include private sector financing in 1998 and trade financing in 2006.

The OPEC Fund was conceived at the Conference of Sovereigns and Heads of State of OPEC Member Countries held in Algiers in 1975. The member countries founded the institution in 1976 to express solidarity with other developing countries and to support their efforts to overcome socio-economic challenges. Originally created as a temporary channel for development assistance, the OPEC Fund became a permanent institution in 1980. The institution expanded its operations to include private sector financing in 1998 and trade financing in 2006.

1. 1OPEC Fund for International Developmentopecfund.org
2. 2The OPEC Fund for International Development at a Glance - OPEC Fund for International Developmentopecfund.org
3. 3OPEC Fund for International Development Finance | Vienna50th.opecfund.org
4. 4The OPEC Fund for International Development the organization - OPEC Fund for International Developmentopecfund.org