The OPEC Fund for International Development will contribute up to $1 billion in co-financing for public sector projects related to sustainable development in Latin America and the Caribbean for three years (2024-2027).
This is followed by a framework cooperation agreement between CAF – a Latin American and Caribbean Development Bank and the OPEC International Development Fund focused on co-financing infrastructure projects and promoting economic growth in the region.
The collaboration will focus on countries where both institutions are active, including Bolivia, Brazil, Colombia, Costa Rica, the Dominican Republic, Mexico, Panama, Paraguay, Peru and Uruguay, and others.
The agreement also emphasizes the importance of knowledge-sharing and capacity-building to ensure the effective implementation of co-financed projects.
OPEC Fund President Abdulhamid Alkhalifa welcomed the renewal of this alliance in a region so critical to its global climate action and food security priorities. Infrastructure investments, particularly with the support of the private sector, are helping to ensure sustainable development worldwide, he said.
The executive president of CAF, Sergio Díaz-Granados, for his part, stressed the importance of the renewed alliance. CAF is making progress on an ambitious partnership agenda to connect international actors with development efforts in Latin America and the Caribbean.
This article has been translated after first appearing in La Estrella