AdvtAdvtJoin the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETEnergyworld App Get Realtime updatesSave your favourite articles Scan to download AppNew Delhi: The OPEC Fund for International Development has ramped up its funding efforts in 2023, committing a record $1.7 billion across 55 projects globally, it said on Monday. This marks a significant increase in the fund's support for addressing climate change, energy transition, and boosting sustainable growth. "In 2023, the OPEC Fund increased its impact through the delivery of development support in a challenging global environment," Dr. Abdulhamid Alkhalifa , the OPEC Fund's Director-General, said in a statement. The Fund, established 48 years ago and based in Vienna, has expanded its lending program in response to strong demand from partner countries and successful capital market fundraising.The 2023 commitments by the OPEC Fund show a diverse geographical spread, with 42 percent of the investments allocated to Africa, followed by 20 percent each to the Middle East, North Africa, Europe, Central Asia, Latin America, and the Caribbean, and 18 percent to Asia and the Pacific.

Source: The North Africa Journal January 30, 2024 03:13 UTC