Media ININ Economy We Trust
Vienna, March 19 / The OPEC Fund for International Development, the “OPEC Fund”, agreed to allocate a new financing package worth more than $300 million, for the first quarter of this year 2023. The new funding reflects the Fund’s commitment to implementing its climate action plan and enhancing flexibility in facing climate change.
In the statement issued at the headquarters of the OPEC Fund in the Austrian capital, Vienna, Dr. Abdul Hamid Khalifa, Director General of the Fund, expressed a sense of pride in the Fund’s fulfillment of its climate-related commitments, and said, “Our efforts help our partners in Africa, Asia and Latin America to strengthen their climate policies.”
The statement indicated that the Fund’s efforts contribute to access to energy and support infrastructure projects, which reflect the Fund’s continuous commitment to improving the lives of people around the world.
He stated that the fund’s board of directors agreed to provide the necessary financing for four projects, three of which support combating climate change. government to plan for climate action and promote energy transition, a $20 million loan to the Seychelles, to advance climate-related reforms to develop land and fishing systems, and a $100 million loan to India to help finance a 56-kilometre ring road serving more than 4 million people.
It is worth noting that the OPEC Fund adopted the first climate action plan in September 2022, obligating the Fund to increase the share of financing projects that contribute to combating climate change to 40% until 2030, and to generalize attention to climate goals and increase climate adaptation in energy, transportation, agriculture, food and water projects. and smart cities.
