OPEC Fund provides US$1.5bn in new development financing in 2021, deepens impact and fully utilizes COVID-19 facility

VIENNA, Jan. 27, 2022 /PRNewswire/ -- With a total of US$1.5 billion committed in 2021, the OPEC Fund for International Development made a strong contribution to the global development agenda last year. The OPEC Fund, which marks its 46^th anniversary on 28 January, focused on helping its partner countries to increase economic resilience, strengthen economic growth and job creation through support for micro, small and medium-sized enterprises (MSMEs), provided much-needed funding for infrastructure investments and responded to the COVID-19 pandemic with the full deployment of its US$1 billion facility.

OPEC Fund Director-General Abdulhamid Alkhalifa said: "Thanks to our strong financials and close relationships with our partner countries and clients, the OPEC Fund was able to respond quickly and effectively to the pressing needs in these countries in 2021. Our strong delivery benefited a wide range of projects that aim to address people's needs and improve their livelihoods. While we continue to pursue the Sustainable Development Goals, we have also been able to make a sizeable, swift and effective contribution to the global response to the COVID-19 pandemic. As we mark our 46^th anniversary and start a new year, our 2021 performance inspires us with confidence and ambition to deliver another sizeable contribution to development this year."

The OPEC Fund's standing as a multilateral development institution was also recognized in 2021 by Fitch and S&P, two of the world's leading rating agencies. In their inaugural assessment of the OPEC Fund, Fitch awarded a rating of AA+/Outlook Stable, emphasizing the Fund's "excellent capitalization", while S&P assigned a AA/A-1+, Positive Outlook rating and underlined the OPEC Fund's "strong funding and liquidity positions".

Following the outbreak of the COVID-19 pandemic, the OPEC Fund established a US$1 billion facility which was fully utilized by the end of 2021. In coordination with partner countries and other donors, the Fund adopted an agile approval process, enabling the rapid deployment of urgently needed financing. Operations under the COVID-19 facility included a US$70.5 million loan to Jordan in support of a government action plan and a US$10.0 million facility to benefit small and medium-sized enterprises in Maldives.