OPEC Fund and EBRD step up delivery with new cooperation agreement

VIENNA, 14th April, 2023 (WAM) — The OPEC Fund for International Development (OPEC Fund) and the European Bank for Reconstruction and Development (EBRD) are stepping up their delivery of support for development and transition with a new Cooperation Agreement.

The institutions signed the document during the World Bank/IMF Spring Meetings in Washington, DC and committed to build a strong pipeline of bankable projects through improved project preparation and technical assistance. The OPEC Fund is providing US$2 million to support the identification, design and development of joint projects in common countries of operations. The OPEC Fund – EBRD Project Preparation Facility aims to cover early stage costs, enhance project preparation and help make projects suitable for financing.

Although furnished with different mandates, the OPEC Fund and the EBRD share many complementary activities and the goal of improving people’s lives. Both lenders are active in countries in North Africa and the Middle East, and also cooperate in Central Asia. To date cooperation includes a US$50 million trade finance risk sharing facility and the co-financing of over 20 projects in public and private sectors.

Signing the Cooperation Agreement, OPEC Fund Assistant Director-General Fuad Albassam said:“The OPEC Fund and EBRD are strongly aligned in priority areas such as climate action and food security. This new agreement is an excellent example of institutional cooperation and complementarity where we join forces and leverage our strengths for the benefit of those we support. The OPEC Fund is looking forward to this agreement becoming the nucleus of many successful projects.”