PR93417

VIENNA, Dec. 1, 2021 /PRNewswire=KYODO JBN/ --

S&P Global Ratings has assigned a rating of AA/A-1+, positive outlook to the

OPEC Fund in its inaugural assessment of the international development

institution, stressing the Fund’s “extremely strong” financial risk profile and

capital base as well as its strong funding and liquidity positions. The rating

agency further underlines the OPEC Fund’s “strong enterprise risk profile” and

its “very strong” track record of preferred creditor treatment.

The rating follows an earlier assessment by Fitch Ratings of AA+ with stable

outlook in July. The OPEC Fund plans to expand its lending operations and is

therefore seeking to diversify its funding sources, a cornerstone of the

institution’s Strategic Framework 2030. Established in 1976, the OPEC Fund has

to date disbursed US$22 billion for development projects in 125 countries

worldwide, addressing basic needs and supporting countries to deliver on their

long term sustainable development goals.

OPEC Fund Director-General Abdulhamid Alkhalifa welcomed the rating and said:

“This assessment is testimony to our very strong financial and operational

foundation as well as to our strong track-record of delivering development

impact. For more than 45 years the OPEC Fund has made major contributions in

alleviating poverty, strengthening communities and empowering people. This has

made our institution one of the lead partners in south-south cooperation.

Today’s rating is an important building block in our strategy to further expand

our operations and deepen our impact.”

OPEC Fund Assistant Director-General Tarek Sherlala added: “The S&P rating is

confirmation not only of our strong position but also of the significance of

our strategy. This rating will be a key enabler for the implementation of our

planned lending growth and further support our drive to help countries deliver

on the Sustainable Development Goals and address current emergencies such as

the COVID-19 pandemic and the climate challenge.”

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only

globally mandated development institution that provides financing from member

countries to non-member countries exclusively. The organization works in

cooperation with developing country partners and the international development

community to stimulate economic growth and social progress in low- and

middle-income countries around the world. The OPEC Fund was established by the

member countries of OPEC in 1976 with a distinct purpose: to drive development,

strengthen communities and empower people. Our work is people-centered,

focusing on financing projects that meet essential needs, such as food, energy,

infrastructure, employment (particularly relating to MSMEs), clean water and

sanitation, healthcare and education. To date, the OPEC Fund has committed more

than US$22 billion to development projects in over 125 countries with an

estimated total project cost of US$187 billion. Our vision is a world where

sustainable development is a reality for all.

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Source: OPEC Fund for International Development