OPEC Fund and African Development Bank Group Increase Cooperation to Promote Sustainable Development in Africa

The OPEC Fund for International Development and the African Development Bank Group (AfDB) are expanding their partnership with a Memorandum of Understanding (MoU) signed at the UN Climate Conference COP27 in Sharm El-Sheikh, Egypt.

In the document the institutions agree to expand their partnership to support sustainable economic and social development in Africa. For this the MoU aims to establish the scope for further strategic and operational cooperation through co-financing of public and private sector projects, joint diagnostic and analytical work and sharing of knowledge and best practices.

The OPEC Fund and AfDB have been partners since the establishment of the Fund in 1976 and to date have co-financed nearly 90 projects in energy, transport and water sectors with over US$1 billion of OPEC Fund contribution for over US$15 billion of total project value.

Signing the agreement, OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said “Promoting sustainable development in Africa has been our focus with more than half of our historic commitments dedicated to the continent. The MoU signals our ambition and preparedness to do more and support African economies in tackling the multiple development challenges they are facing. We share a common vision and values with AfDB and look forward to boost our impact across Africa.”