Fintech PR
OPEC Fund delivers record results in 2023 with US$1.7 billion in development funding
VIENNA, Jan. 29, 2024 /PRNewswire/ — The OPEC Fund for International Development, a multilateral development finance institution headquartered in Vienna, Austria, expanded its new commitments to US$1.7 billion across 55 projects globally in 2023, providing funding to address climate change and energy transition, support social and economic resilience and boost sustainable growth. The organization was established 48 years ago and the 2023 results represent a record in new commitments.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “In 2023, the OPEC Fund increased its impact through the delivery of development support in a challenging global environment. We grew our lending program across the board in response to strong demand by our partner countries and thanks to our success in raising additional funds from the capital markets. We were also able to leverage our partnerships to mobilize development support by working with multilateral development banks and development finance institutions such as the Arab Coordination Group. And we are well on track with our 2030 target to commit 40 percent of all new financing to climate action.”
In 2023, the OPEC Fund delivered strong results across Africa (42 percent of investments), the Middle East and North Africa & Europe and Central Asia (20 percent), Latin America & the Caribbean (20 percent), as well as Asia and the Pacific (18 percent) through public and private sector lending, trade finance and grants operations.
The largest share in last year’s lending program was dedicated to policy-based-lending (31 percent). In cooperation with financing partners, the OPEC Fund supported sustainable development government programs in Botswana (US$100 million), Cote d’Ivoire (US$74 million), Armenia (US$54 million), North Macedonia (US$54 million), Colombia (US$150 million) and Paraguay (US$100 million) to bolster economic, social and climate resilience.
The transport and storage sector received the major share of OPEC Fund’s support (14 percent) with the OPEC Fund helping to build roads and sustainable transport infrastructure for improved connectivity in India (US$100 million), Kyrgyz Republic (US$15 million), Tajikistan (US$10 million), Uzbekistan (US$47 million) and Bosnia and Herzegovina (US$28 million).
Aligned with the OPEC Fund Climate Action Plan, support in renewable energy projects constituted nearly 60 percent of all lending in the energy sector. The OPEC Fund supported the development of a solar plant in Niger (US$25 million), a 240 MW wind farm in Azerbaijan (US$50 million) and two wind power plants in Uzbekistan totalling 1 GW of renewable energy capacity (US$40 million). OPEC Fund energy sector investments also included projects to promote energy security in Tanzania (US$30 million) and Bangladesh (US$60 million), aligned with Sustainable Development Goal (SDG) 7 – Clean and affordable energy.
In the financial sector, the OPEC Fund provided US$171 million, partnering with governments and local banks to provide on-lending to small and medium-sized enterprises, promoting job creation and access to finance in Albania, Botswana, Paraguay and Vietnam. US$273 million of trade finance was offered to partner banks to support the movement of critical commodities and goods in developing economies.
Aligned with its Food Security Action Plan, the OPEC Fund provided US$59 million to promote agricultural sustainability and fisheries in Benin, Liberia and Zimbabwe. The institution also dedicated US$104 million towards education, US$61 million to water and sanitation and US$50 million to health projects primarily in Africa and Asia.
Successful development delivery in 2023 was also fuelled by the OPEC Fund’s debut in the capital market, which the institution tapped for the first time in its history in January. The issuance of the OPEC Fund’s benchmark SDG bond raised US$1 billion for sustainable development projects. The OPEC Fund’s excellent standing in the market was confirmed in December when the international rating agency Standard & Poor’s assigned the OPEC Fund a credit rating upgrade to AA+ with stable outlook, citing its “ambitious growth agenda”.
In 2023, the OPEC Fund continued to expand partnerships with peer institutions including the Asian Development Bank (ADB), the African Development Bank (AfDB), the Arab Coordination Group (ACG), the European Bank for Reconstruction and Development (EBRD), Islamic Development Bank (IsDB), the International Atomic Energy Agency (IAEA), the United National Industrial Development Organization (UNIDO), and the World Food Programme (WFP) among others.
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 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 about US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.
CONTACT:
Basak Pamir
T+43151564174
[email protected]
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Fintech PR
Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region
DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.
On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”
Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.
His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.
As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.
Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.
Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.
Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.
Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”
About Wahed
Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.
For more information, visit: www.wahed.com
About Qatar Development Bank
Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.
For more information, visit: https://www.qdb.qa/
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DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.
In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.
Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.
AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.
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