The fourth Opec Fund Development Forum in Vienna, Austria, concluded with a strong slate of new commitments, loan agreements, and strategic partnerships to advance inclusive transition and sustainable development.

Over 700 global leaders, including government representatives, development institutions, and private sector stakeholders, attended the forum under the theme "A Transition That Empowers Our Tomorrow."

The Opec Fund announced approximately $720 million in new financing to support development efforts across Africa, Asia, Latin America, and the Caribbean, including $362 million in new loan agreements, reported Saudi Press Agency.

A new Trade Finance Initiative was launched to secure vital supplies and help close trade-related liquidity gaps in partner countries.

As part of its Small Island Developing States (SIDS) initiative, the Opec Fund signed cooperation agreements with Grenada and the Solomon Islands to expand support for climate resilience and sustainable infrastructure.

New country-level agreements included a $212 million loan agreement with Oman to finance the Khasab–Daba–Lima Road Project (Sultan Faisal bin Turki Road), which will improve local and regional connectivity.

The agreement also introduced a Country Partnership Framework (CPF) to guide cooperation over the next five years.

The forum also marked the signing of a CPF with Rwanda, allocating up to $300 million in financing from 2025 to 2028. Further partnership frameworks were established with Azerbaijan to support infrastructure, energy transition, and sustainable development, and with Botswana to promote infrastructure, renewable energy, innovation, digital transformation, and export-led private sector growth.

The Opec Fund reinforced its commitment to private sector-led growth by signing targeted financing agreements with financial institutions across Africa.

Agreements with Coris Bank International Côte d’Ivoire and NSIA Banque aimed to facilitate access to finance for small and medium-sized enterprises (SMEs).

A $40 million loan agreement with the East African Development Bank (EADB) was concluded to boost economic investments in Kenya, Uganda, Tanzania, and Rwanda.