OPEC Fund enters into new cooperation agreement with EBRD

By Shilpa Annie Joseph, Official Reporter
  • Follow author on
OPEC Fund-BOAD sign deal
Rep. Image

OPEC Fund for International Development (OPEC Fund) has entered into a new cooperation agreement with the European Bank for Reconstruction and Development (EBRD), stepping up their delivery of support for development and transition.

The institutions signed the document during the World Bank/IMF Spring Meetings in Washington, DC, and committed to build a strong pipeline of bankable projects through improved project preparation and technical assistance.

The OPEC Fund is providing $2 million to support the identification, design, and development of joint projects in common countries of operations. The OPEC Fund-EBRD Project Preparation Facility aims to cover early-stage costs, enhance project preparation and help make projects suitable for financing.

According to the statement, “Although furnished with different mandates, the OPEC Fund and the EBRD share many complementary activities and the goal of improving people’s lives.”

Both lenders are active in countries in North Africa and the Middle East and also cooperate in Central Asia. “To date, cooperation includes a $50 million trade finance risk-sharing facility and the co-financing of over 20 projects in public and private sectors,” as per the statement.

Signing the cooperation agreement, OPEC Fund Assistant Director-General Mr. Fuad Albassam stated that, “The OPEC Fund and EBRD are strongly aligned in priority areas such as climate action and food security. This new agreement is an excellent example of institutional cooperation and complementarity where we join forces and leverage our strengths for the benefit of those we support. The OPEC Fund is looking forward to this agreement becoming the nucleus of many successful projects.”

Related: UAE’s EO AML/CTF launches 1st phase of data intelligence project