OPEC Fund to Co-Finance Up to $2 Billion to Accelerate Development Across Africa

Abu dhabi: The OPEC Fund for International Development (OPEC Fund) has announced up to US$2 billion in co-financing with the African Development Fund (ADF) for the period 2026-2030, reaffirming its long-standing commitment to Africa and to concessional financing for the continent's most vulnerable countries. The co-financing announcement was made by OPEC Fund President Abdulhamid Alkhalifa during the 17th replenishment session of the ADF, the concessional financing window of the African Development Bank Group. According to Emirates News Agency, President Alkhalifa stated, "Africa remains central to the OPEC Fund's development mandate, and we are firmly committed to delivering affordable, long-term financing where it is needed most across the continent." He emphasized that by joining forces through the ADF, investments will be made in energy access, food security, climate resilience, and human capital, which are essential for sustainable growth and stability across the continent. Africa accounts for the larg est regional share of the OPEC Fund's portfolio. Since its establishment in 1976, the institution has approved more than $14.6 billion in financing for African countries. Under its Strategic Framework 2030, the OPEC Fund is scaling up its operations, with Africa a core focus of engagement.