Africa: OPEC Fund and AfDB Commit USD 2 Billion for the Continent’s Development
The OPEC Fund for International Development (the OPEC Fund) has announced a co-financing commitment of up to USD 2 billion with the African Development Fund (ADF) for the 2026–2030 period, aimed at supporting development across the African continent.
This initiative seeks to strengthen support for Africa’s most vulnerable countries through concessional financing, the OPEC Fund said in a statement published on its official website.
The announcement was made by the President of the OPEC Fund, Abdulhamid Alkhalifa, on the occasion of the 17th replenishment of the resources of the ADF, the concessional financing arm of the African Development Bank (AfDB) Group.
“Africa remains at the heart of the OPEC Fund’s development mandate. By joining forces through the ADF, we are investing in access to energy, food security, climate resilience, and human capital,” Alkhalifa said, as quoted in the statement.
Since its establishment in 1976, the OPEC Fund has approved more than USD 14.6 billion in financing for Africa, which represents the largest beneficiary region in its portfolio.
As part of its 2030 strategy, the institution plans to scale up its operations across the African continent.
