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VIENNA, June 24, 2022 /PRNewswire=KYODO JBN/ --

Development partners attending the OPEC Fund's Development Forum in Vienna this

week demonstrated their resolve to address urgent global challenges by entering

new commitments for financial support and signing cooperation agreements.

Signings and announcements included the following:

- The OPEC Fund and the Republic of Kosovo signed a "Framework Agreement for

Private Sector Operations," which aims to strengthen the private sector in

Kosovo with a focus on infrastructure, connectivity, energy and water. OPEC

Fund Director Dr. Abdulhamid Alkhalifa had visited Kosovo in June and expressed

the ambition to deepen the partnership.

- The Asian Development Bank and the OPEC Fund launched a trust fund to improve

project readiness in developing countries. As a first contribution, the OPEC

Fund is committing US$3 million to the fund, which will provide technical

assistance to improve the delivery of investment projects through enhanced

preparation, design, and procurement.

- The OPEC Fund and the regional South American development bank FONPLATA

signed a "Cooperation Agreement" to broaden and deepen the partnership through

more co-financing of strategic projects in the Latin America and Caribbean

region, where FONPLATA operates.

- The OPEC Fund is teaming up with the UN Capital Development Fund (UNCDF) and

Sustainable Energy for All (SEforALL) to design and deliver a new Climate

Finance and Energy Innovation Hub, which is set to be launched at the UN

climate conference COP27 in Egypt in November. Designed as a global end-to-end

policy and finance platform, this hub will harness the power of financial

innovation to source, unlock, de-risk and scale-up investments in energy access

and transition. Recognizing the crucial role of clean cooking the OPEC Fund is

earmarking US$100 million in support of relevant projects in DRC, Madagascar,

Malawi, and Rwanda as part of the initiative.

- The International Renewable Energy Agency (IRENA) and the OPEC Fund signed a

Memorandum of Understanding to facilitate access to innovative financing

solutions, unlock investment and support project development to advance

renewable energy investment and enable access to sustainable finance in

emerging and developing economies.

OPEC Fund Director-General Dr. Alkhalifa said: "These new commitments and

signings are a declaration of our intent to join forces in the face of

unprecedented challenges. One clear takeaway from our event was the need for

urgent, targeted and joint action in areas such as climate change, energy

access and food supply. We are very encouraged by the success and positive

momentum generated at our Forum which provides the energy to move forward

swiftly and forcefully."

The OPEC Fund Development Forum "Driving Resilience & Equity" gathered

government leaders, ministers from OPEC Fund member and partner countries,

heads of the Arab Coordination Group institutions, senior officials of

multilateral development banks and international organizations as well as

private sector representatives. The event included panels on "Climate

Challenges vs Energy Needs - Development Perspectives," "Innovations that

Enable a Smart Energy Future," and "Turning Public Ambition into Effective

Action," and closed with a conversation on "South-South Co-ownership in

Development Progress."

The date of the 2023 OPEC Fund Development Forum will be announced shortly.

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. The OPEC Fund is rated

AA+/Outlook Stable by Fitch and AA/Positive Outlook by S&P in 2021. Our vision

is a world where sustainable development is a reality for all.

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Source: OPEC Fund for International Development