A Nigerian solar plant and an Azerbaijan wind farm were among the 55 projects that received financing worth $1.7 billion from the OPEC Fund for International Development in 2023.
Almost 60% of the funding in the energy sector went to renewable energy projects, in line with the institution’s Climate Action Plan.
Investments included a $25 million solar plant in Niger, a $50 million 240-megawatt wind farm in Azerbaijan, and $40 million towards two wind power plants in Uzbekistan totalling 1 gigawatt of renewable energy capacity.
Projects in Tanzania and Bangladesh aimed to enhance energy security, supporting Sustainable Development Goal 7 for clean and affordable energy access. The funding was directed towards addressing climate change, social and economic resilience, and sustainable growth.
Abdulhamid Al-Khalifa, the organization’s director general, highlighted the impact achieved despite global challenges. OPEC Fund leveraged partnerships with multilateral development banks and institutions to mobilize development support.
The organization aimed to commit 40% of new financing to climate action by 2030. In 2023, Africa received the largest share of investments at 42%, followed by the Middle East, North Africa, Europe, and Central Asia at 20%, and Latin America, the Caribbean, Asia, and the Pacific. Public and private sector lending, trade finance, and grant operations were utilized.
Policy-based loans made up 31% of the total lending program, with the transport and storage sector receiving the most significant share at 14%.
