Setting a new record, the OPEC Fund for International Development has approved more than US$500 million in new financing at the most recent meeting of its governing board and in the final quarter of 2022.

The 15 new projects approved reflect the fund’s launch of a US$1 billion Food Security Action Plan and the adoption of its first dedicated Climate Action Plan earlier this year. In addition, new engagements will support infrastructure development and investments to improve communities in the fund's partner countries around the world.

The fund is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world.

“In a very challenging year, the fund was able to significantly increase its support and strengthen its impact,” says Abdulhamid Alkhalifa, the fund’s director-general. “Our new approvals will provide much-needed financing to address urgent global issues, such as food, energy and climate security in line with our strategic priorities. At the same time, we recognize the need to accelerate support for sustainable development to ensure people's livelihoods and well-being worldwide.”