The OPEC Fund for International Development has announced plans to co-finance up to US$2 billion with the African Development Fund (ADF) for the period 2026–2030, underscoring its continued commitment to supporting Africa’s development and providing concessional financing to the continent’s most vulnerable countries. The announcement was made by OPEC Fund President Abdulhamid Alkhalifa during the 17th replenishment session of the ADF, which provides grants and highly concessional loans to Africa’s least developed and fragile nations. Replenishments occur every three years, with the previous round mobilizing a record US$8.9 billion.
President Alkhalifa highlighted that Africa remains central to the OPEC Fund’s development mandate. He emphasized that the partnership with ADF will focus on critical areas such as energy access, food security, climate resilience, and human capital—key foundations for sustainable growth and stability across the continent.
Africa constitutes the largest regional share of the OPEC Fund’s portfolio. Since its establishment in 1976, the Fund has approved over US$14.6 billion in financing for African nations. Under its Strategic Framework 2030, the Fund is scaling up operations with Africa as a core engagement focus, reinforcing long-term commitments to inclusive and resilient development.
The replenishment event was hosted by the European Bank for Reconstruction and Development (EBRD) in London, bringing together the African Development Bank Group and development partners including the Islamic Development Bank Group and the Arab Bank for Economic Development in Africa.
Established in 1976, the OPEC Fund is a globally mandated development institution that provides financing exclusively from member countries to non-member countries. Its mission is to stimulate economic growth and social progress in low- and middle-income countries worldwide through people-centered projects in sectors such as food, energy, infrastructure, healthcare, education, and clean water. To date, the OPEC Fund has committed over US$30 billion to development projects in more than 125 countries, with total project costs exceeding US$200 billion. The Fund is rated AA+/Stable by Fitch and S&P Global Ratings, reflecting its strong financial credibility and commitment to sustainable development.
