The Opec Fund for International Development (Opec Fund) approved nearly $1 billion in development financing in Q4 2024, including at its 190th Governing Board meeting in Vienna, with a large chunk allocated for Africa.

These funds will address global challenges such as infrastructure development, food security, renewable energy, economic resilience, and governance reforms.

Opec Fund President Abdulhamid Alkhalifa highlighted 2024 as a milestone year with significant project approvals to foster sustainability and climate action.

The key projects in Africa include:

Burkina Faso: $30 million loan (with World Bank) for the Human Capital Protection Project, delivering healthcare, education, and child immunisations.

Chad: $16 million loan (with BADEA) for rice farming development, aiding 2,000 households with a focus on women and youth.

Comoros: $17.5 million loan for fiscal management improvements, disaster resilience, and economic stability.

The Gambia: $20 million loan for rural infrastructure development to improve market connectivity and value chains.

Kenya: €60 million loan (with AfDB) for green recovery and governance reforms.

Malawi: $20 million loan for the Mangochi–Mwanjati–Makanjira Road Project to improve regional connectivity for 300,000 people.

Mauritania: $40 million loan for a power interconnection project with Mali, incorporating renewable energy for 80,000 households.

Senegal: $60 million loan for food sovereignty, benefiting 220,000 households and focusing on women and youth.

Sierra Leone: $30 million loan and $2 million grant for livestock development, expected to create 20,000 jobs.

Côte d’Ivoire: €35 million loan to a local bank for SME financing and €50 million for cocoa trade finance benefiting 5 million people.

Egypt: $40 million loan for wind farms generating 1.1 GW of clean energy for 1.3 million households.

Ghana: $20 million participation in trade finance for cocoa processing.