OPEC Fund Assigned Inaugural Credit Rating of AA+ From Fitch Ratings

OPEC Fund for International Development

2021/7/30 16:09

PR90933

 

VIENNA, July 30, 2021 /PRNewswire=KYODO JBN/ --

 

The OPEC Fund for International Development (the OPEC Fund) has been assigned

an inaugural credit rating of AA+, with stable outlook from Fitch Ratings.

 

Fitch cited the OPEC Fund's excellent capitalization, liquidity levels and

asset quality as key rating strengths. The OPEC Fund's well-diversified lending

book and preferred-creditor status, strong risk management policies and very

high level of management expertise further informed Fitch's assessment.

 

OPEC Fund Director-General Abdulhamid Alkhalifa welcomed the Fitch ratings

announcement, which pays testament to the OPEC Fund's 45 year track record of

delivering successful development outcomes in line with the organization's

unique South-South mandate.

 

Alkhalifa said: "This positive outcome comes at a time when innovative and

concerted approaches to global development financing are especially required.

The unwavering support of our member countries over 45+ years has consistently

enabled us to meet the evolving needs of our partner countries. Thanks to this

assessment, the OPEC Fund is even better positioned to advance the global

Sustainable Development Goals (SDGs), and provide efficient and long-term

development support to the millions of people currently in need of positive

solutions."

 

OPEC Fund Assistant Director-General of Financial Operations, Tarek Sherlala,

said: "This strong rating will provide the OPEC Fund substantial financial

flexibility, enable us to drive greater value for our member countries and

partner countries, and ultimately further enhance our development impact and

track-record in advancing the SDGs around the world."

 

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.

 

Logo - https://mma.prnewswire.com/media/1584526/OPEC_Fund_Logo.jpg

 

Source: OPEC Fund for International Development

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