Climate change and COVID-19 are two of many challenges that transcend national boundaries. They make it clear the world is more interconnected than ever before and that collaboration and partnerships are essential to securing a better future for all. This is the driving force of the United Nation’s 2030 Agenda for Sustainable Development, which seeks to focus the world on working together to achieve the transformative Sustainable Development Goals (SDGs).
The SDGs have long guided the OPEC Fund as it works to meet essential needs – such as food, energy, infrastructure, clean water and sanitation, healthcare, employment and education – in low and middle-income countries.
By providing affordable development finance to countries and regions that often find funds difficult to secure, we are helping solve market challenges in a market-supportive manner, while promoting cooperation with and among the more vulnerable parts of our world.
Many people have heard of OPEC, but fewer are familiar with the OPEC Fund. A unique institution, the OPEC Fund was established by the member countries of OPEC in 1976 with a distinct mandate: to drive development, strengthen communities and empower people.We are the only development institution that provides financing from member countries to non-member countries, worldwide. Over 45 years, we have approved more than $25 billion for operations in over 125 countries. More than $600 million of this total has been grant funding.
The OPEC Fund finances sustainable development in different ways. Public sector operations are co-financed with the governments of recipient countries and often with other donors, including national and regional development banks. Private sector operations promote economic development by financing companies and decent job opportunities, for example. The trade finance we provide helps companies and governments to import and export strategic commodities and goods, bolstering international trade. The grants we extend ensure worthwhile projects receive the early-stage assistance many require to get off the ground.
More Impact Where It Matters Most
Our approach to COVID-19 shows how quickly and effectively we are able to assist those who need it most. Among our key response efforts were:
• The allocation of $1 billion toward COVID-19 impact and recovery efforts in developing countries;
• The approval of 20 operations for a total of $525m in 2020 globally and across key sectors; and
• Increased collaboration with other development finance institutions and multilateral development banks, leveraging partnerships with key stakeholders.
All developing countries with the exception of OPEC Fund member countries are in principle eligible for our assistance. Our support is not conditional on economic or political ideals. Rather, we decide which projects to finance based on development needs as well as environmental, social and governance considerations.
From Bolivia to Burkina Faso and Bangladesh
We help countries ranging from Bolivia to Burkina Faso and Bangladesh from our headquarters in the heart of Vienna. Our highly diverse team is driven by values – innovation, excellence, integrity, empowerment and community – that are critical to helping achieve the SDGs by 2030.
Our mandate: To drive development, strengthen communities and empower people.
Our vision: A world where sustainable development is a reality for all.
This is a paid article published on behalf of The OPEC Fund.