OPEC Fund Commits Over $1 Billion to Boost Development in Africa and Beyond

The OPEC Fund For International Development announced it will allocate more than $1 billion to assist African countries and other developing nations. This funding is part of a wider $2 billion commitment over five years from Arab nations to bolster trade finance, infrastructure, and economic stability in these regions.

As Western nations reduce bilateral aid, the Vienna-based OPEC Fund revealed $720 million in fresh financing, targeting development initiatives across Africa, Asia, Latin America, and the Caribbean. The announcement includes a $300 million plan for Rwanda, $65 million for Ivory Coast, and $40 million for the East African Development Bank in Uganda.

Further cooperation was established with the Central American Bank for Economic Integration for key projects and the Islamic Organization for Food Security on climate-resilient agriculture. The Arab Coordination Group's heads also pledged $2 billion for urgent challenges in the Sahel region, emphasizing drought relief.

(With inputs from agencies.)