Key Impact Points:
- $1 Billion Commitment: The OPEC Fund aims to contribute up to $1 billion for public sector projects from 2024 to 2027.
- Renewed Partnership: The OPEC Fund and CAF sign a new agreement to promote sustainable development across Latin America.
- Focus on Infrastructure: Collaboration targets co-financing infrastructure projects to foster economic growth in the region.
The OPEC Fund for International Development and CAF-Development Bank of Latin America and the Caribbean have signed a new Cooperation Framework Agreement to enhance their partnership in promoting sustainable development across Latin America.
Commitment to Sustainable Growth
Under the agreement, the OPEC Fund plans to contribute up to $1 billion in co-financing for public sector projects over the three-year period from 2024 to 2027. The partnership focuses on:
- Co-financing public and private sector projects in common partner countries.
- Collaborating on project identification, preparation, appraisal, and supervision.
- Sharing knowledge and expertise through joint research, consulting services, and staff exchanges.
- Promoting sustainable infrastructure development to drive social and economic progress.
Leadership Perspectives
OPEC Fund President Abdulhamid Alkhalifa stated:
“We are proud to renew this partnership in a region so critical to our global priorities of climate action and food security. Investments in infrastructure, particularly with the support of the private sector, are helping to future-proof sustainable development worldwide.”
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CAF’s Executive President Sergio Díaz-Granados added:
“This agreement with the OPEC Fund reinforces our commitment to driving sustainable development in Latin America. By combining our resources and expertise, we can have a greater impact on critical infrastructure projects that will improve lives and foster economic growth across the region.”
Targeted Collaboration
The collaboration will focus on countries where both institutions are active, including Bolivia, Brazil, Colombia, Costa Rica, Dominican Republic, Mexico, Panama, Paraguay, Peru, and Uruguay, among others.
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Emphasis on Knowledge Sharing
The agreement emphasizes the importance of knowledge sharing and capacity building to ensure effective implementation of co-financed projects.
Building on a Strong Foundation
This renewed partnership builds on the long-standing cooperation between CAF and the OPEC Fund, updating previous agreements to address the evolving context of development in Latin America.
