VIENNA, July 29, 2021 /PRNewswire/ -- The OPEC Fund
for International Development (the OPEC Fund) has been assigned an
inaugural credit rating of AA+, with stable outlook from Fitch
Ratings.
Fitch cited the OPEC Fund's excellent capitalization, liquidity
levels and asset quality as key rating strengths. The OPEC Fund's
well-diversified lending book and preferred-creditor status, strong
risk management policies and very high level of management
expertise further informed Fitch's assessment.
OPEC Fund Director-General Abdulhamid
Alkhalifa welcomed the Fitch ratings announcement, which
pays testament to the OPEC Fund's 45 year track record of
delivering successful development outcomes in line with the
organization's unique South-South mandate.
Alkhalifa said: "This positive outcome comes at a time when
innovative and concerted approaches to global development financing
are especially required. The unwavering support of our member
countries over 45+ years has consistently enabled us to meet the
evolving needs of our partner countries. Thanks to this assessment,
the OPEC Fund is even better positioned to advance the global
Sustainable Development Goals (SDGs), and provide efficient and
long-term development support to the millions of people currently
in need of positive solutions."
OPEC Fund Assistant Director-General of Financial Operations,
Tarek Sherlala, said: "This
strong rating will provide the OPEC Fund substantial financial
flexibility, enable us to drive greater value for our member
countries and partner countries, and ultimately further enhance our
development impact and track-record in advancing the SDGs around
the world."
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is
the only globally mandated development institution that provides
financing from member countries to non-member countries
exclusively. The organization works in cooperation with developing
country partners and the international development community to
stimulate economic growth and social progress in low- and
middle-income countries around the world. The OPEC Fund was
established by the member countries of OPEC in 1976 with a distinct
purpose: to drive development, strengthen communities and empower
people. Our work is people-centered, focusing on financing projects
that meet essential needs, such as food, energy, infrastructure,
employment (particularly relating to MSMEs), clean water and
sanitation, healthcare and education. To date, the OPEC Fund has
committed more than US$22 billion to
development projects in over 125 countries with an estimated total
project cost of US$187 billion. Our
vision is a world where sustainable development is a reality for
all.
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SOURCE OPEC Fund for International Development