March 30, 2023

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OPEC finance and AfDB strengthen cooperation

Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development and the feast African development (AfDB) have signed a memorandum of understanding aimed at expanding their partnership to support sustainable economic and social development in Africa.

The agreement, signed on Tuesday, November 8, on the sidelines of the 27th United Nations Conference on Climate Change (COP27) in Sharm el-Sheikh, Egypt, sets the framework for further strategic and operational cooperation through public and private sector co-financing. projects, joint diagnostic and analytical work, and sharing of knowledge and best practices, AfDB’s statement said.

The OPEC Fund and the AfDB Group have been partners since 1976, the same source said, adding that they have so far co-financed nearly 90 projects in the energy, transport and oil sectors, water, with OPEC Fund participation worth more than $1 billion in total project value of $15 billion.

At the signing of the agreement, Abdulhamid Al Khalifa, Executive Director of the OPEC Fund, said, “Our priority is to promote sustainable development in Africa, with more than half of our historical commitments dedicated to the continent.”

The MoU is “a testament to our ambition and willingness to do more and help African economies address the many development challenges they face. We share common vision and values ​​with feast African development We look forward to strengthening our impact across Africa.

For his part, AfDB Group President, Akinwumi Adesina said: “We are delighted to revive the partnership between the African Development Bank and the OPEC Fund for International Development. Both our institutions are committed to improving people’s quality of life and there is a very strong synergy between our approaches. Today is the MoU. The signing will further strengthen and deepen our cooperation.

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The OPEC Fund for International Development is the only internationally mandated development agency that provides funds exclusively from member countries to non-member countries.

The organization works with developing country partners and the international development community to drive economic growth and social progress in low- and middle-income countries around the world.