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OPEC Fund provides US$1.5bn in new development financing in 2021, deepens impact and fully utilizes COVID-19 facility
VIENNA, Jan. 27, 2022 /PRNewswire/ — With a total of US$1.5 billion committed in 2021, the OPEC Fund for International Development made a strong contribution to the global development agenda last year. The OPEC Fund, which marks its 46th anniversary on 28 January, focused on helping its partner countries to increase economic resilience, strengthen economic growth and job creation through support for micro, small and medium-sized enterprises (MSMEs), provided much-needed funding for infrastructure investments and responded to the COVID-19 pandemic with the full deployment of its US$1 billion facility.
OPEC Fund Director-General Abdulhamid Alkhalifa said: “Thanks to our strong financials and close relationships with our partner countries and clients, the OPEC Fund was able to respond quickly and effectively to the pressing needs in these countries in 2021. Our strong delivery benefited a wide range of projects that aim to address people’s needs and improve their livelihoods. While we continue to pursue the Sustainable Development Goals, we have also been able to make a sizeable, swift and effective contribution to the global response to the COVID-19 pandemic. As we mark our 46th anniversary and start a new year, our 2021 performance inspires us with confidence and ambition to deliver another sizeable contribution to development this year.”
The OPEC Fund’s standing as a multilateral development institution was also recognized in 2021 by Fitch and S&P, two of the world’s leading rating agencies. In their inaugural assessment of the OPEC Fund, Fitch awarded a rating of AA+/Outlook Stable, emphasizing the Fund’s “excellent capitalization”, while S&P assigned a AA/A-1+, Positive Outlook rating and underlined the OPEC Fund’s “strong funding and liquidity positions”.
Following the outbreak of the COVID-19 pandemic, the OPEC Fund established a US$1 billion facility which was fully utilized by the end of 2021. In coordination with partner countries and other donors, the Fund adopted an agile approval process, enabling the rapid deployment of urgently needed financing. Operations under the COVID-19 facility included a US$70.5 million loan to Jordan in support of a government action plan and a US$10.0 million facility to benefit small and medium-sized enterprises in Maldives.
A breakdown of operations shows that US$496 million of committed amounts was earmarked for the financial sector, traditionally used for on-lending to MSMEs or women-led businesses. Other sectors included agriculture (US$211 million), transport and storage (US$205 million), energy (US$153 million), commodity aid (US$137 million), water & sanitation (US$20 million) and healthcare (US$15 million). Cross-cutting multisector projects received US$246 million.
In the energy sector, the OPEC Fund financed award-winning projects, which will significantly increase access to energy in partner countries and help address energy transition. In cooperation with international partners, the OPEC Fund provided loans to support the construction and operation of the Sirdarya power plant in Uzbekistan, the largest private sector-led project in the country to date, and the Temane gas power plant in Mozambique, which is expected to meet the electricity demand of up to 1.5 million households.
OPEC Fund financing was directed to support public sector development initiatives in partner countries with US$686 million (46 percent), while trade finance amounted to US$444 million (30 percent) and private sector loans totaled US$353 million in 2021.
In terms of regional distribution, engagements in Africa came to US$770 million (51 percent), followed by Asia with US$536 million (36 percent) and Latin America and the Caribbean with US$177 million (12 percent).
The adoption of an enhanced ESG policy in 2021 by the OPEC Fund’s Governing Board marked another milestone in the implementation of the institution’s Strategic Framework 2030. The Framework is designed to enable the OPEC Fund to expand its operations and deepen its impact to address long-term challenges such as the delivery of the Sustainable Development Goals, as well as emergencies such as the COVID-19 pandemic and its economic and social impact.
An important step towards this goal is leveraging the OPEC Fund’s strength by deepening the cooperation with international development institutions and partner organizations. In 2021, the OPEC Fund co-financed projects, among others, with the African Development Bank, the Asian Development Bank, IFAD, the Arab Coordination Group, the World Bank and the International Finance Corporation (IFC). The OPEC Fund also signed an agreement to enhance and promote cooperation in Latin America and the Caribbean with the Andean Development Bank (CAF – Corporación Andina de Fomento).
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 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. The OPEC Fund has been rated AA+/Outlook Stable by the rating agency Fitch and AA/A-1+, Positive Outlook by S&P in 2021. Our vision is a world where sustainable development is a reality for all.
News Wire
teamLab Phenomena Abu Dhabi opens its doors to the public in Saadiyat Cultural District
- The innovative multi-sensory art experience redefines the boundaries of immersive art
- Purpose-built 17,000 sqm venue features transformative artworks unique to Abu Dhabi
- Opening music composed and performed by renowned Italian pianist Ludovico Einaudi
- teamLab Phenomena Abu Dhabi takes guests on a sensory-rich journey that transcends the ordinary and ignites curiosity for all
ABU DHABI, UAE, April 18, 2025 /PRNewswire/ — teamLab Phenomena Abu Dhabi officially opened its transformative multi-sensory art experience within Saadiyat Cultural District, an enriching addition to Abu Dhabi’s dynamic cultural and artistic landscape.
To view the Multimedia News Release, please click: https://www.multivu.com/teamlab_phenomena/9331451-en-gb-teamlab-phenomena-abu-dhabi-opens-saadiyat-cultural-district
On 17 April, the grand opening celebration welcomed distinguished guests and cultural leaders, featuring a specially composed performance by renowned Italian pianist and composer Ludovico Einaudi. Set against the venue’s unique architecture, the score was paired with a dramatic display of 6,000 synchronised drones and pyrotechnics, curated to celebrate the new milestone for Saadiyat Cultural District, and reflect the connection between art, technology and imagination.
H.E. Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture and Tourism – Abu Dhabi, said: “teamLab Phenomena Abu Dhabi is a groundbreaking cultural landmark that redefines immersive art experiences on a global scale. It embodies a bold vision that pushes the boundaries of creativity, technology, and human perception, offering visitors an experience unlike any other. Together with our partner, teamLab, we take great pride in bringing this pioneering concept to life, reinforcing our commitment to shaping world-class experiences that inspire, engage, and contribute to Abu Dhabi’s cultural legacy. Saadiyat Cultural District is a cultural landmark of global significance, bringing together the world’s greatest minds and institutions to foster dialogue, inspire creativity, and shape a more connected future.”
Following the opening ceremony, guests were immersed within newly unveiled teamLab Phenomena Abu Dhabi exhibits, meandering between its inspiring artistic installations, interacting with the dynamic artworks, and experiencing the connection between art, technology and natural phenomena.
Toshiyuki Inoko, Founder of teamLab, said: “The artworks in teamLab Phenomena do not exist independently but are created by the environment which produces the various phenomena that creates the artworks. Objects such as stones and man-made creations maintain a stable structure independently. A stone, for instance, will remain unchanged even if placed in a sealed box, isolated from the outside world. In contrast, a vortex in the ocean will vanish in an instant if removed from its environment. Unlike a stone, a vortex does not sustain itself; it evolves with the surrounding currents, formed by water flowing continuously from the outside to the inside and from the inside to the outside of the vortex, changing along with the flow. Moreover, the boundaries of its existence are ambiguous, and there is no material distinction between the vortex and its surroundings.
“The unique environment produces the phenomena, and the environment maintains the existence of the structure. Let us call that existence Environmental Phenomena. The artwork is inseparable from the environment and changes along with the environment. This concept transcends the various conventional notions of existence by physical forms. Even if people immerse themselves physically into the artwork, the artwork will remain intact, capable of naturally restoring itself even if disrupted. However, when the environment is not sustained, the artwork will disappear. The boundaries of the artwork are ambiguous and continuous with the environment. Perhaps, people’s consciousness will expand from the artwork itself to the environment beyond.”
Spanning 17,000 square metres, teamLab Phenomena Abu Dhabi has been developed by the internationally acclaimed art collective teamLab, in collaboration with the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi). The multi-sensory art experience reflects the emirate’s unwavering commitment to fostering creativity and cultural innovation on a global scale, and it presents massive transformative artworks that each blend art, science and technology in groundbreaking ways.
teamLab Phenomena Abu Dhabi is designed to explore and transcend the limits of every guest’s imagination. Each artwork within the unique, purpose-built venue will evolve over time through the interplay of light, sound and movement. Unlike artworks at traditional galleries, visitors will discover exhibits that are fluid, existing in a dynamic relationship with their environment. Each artwork responds to guests’ actions and natural changes in the environment, creating a living, breathing art experience, unlike any other.
Comprising two distinct Wet and Dry areas, guests will be immersed in a series of mesmerising visuals, vibrant landscapes and interactive installations that dissolve the boundaries between art and audience. Every moment offers a new philosophical experience, ensuring that each visitor experience is unique.
In the Dry area, visitors will encounter a variety of artworks that encourage interaction, responding to their movements and actions to create a unique connection between guests and the installations. As they move into the Wet area, guests will follow a dedicated walkway leading them into an exciting realm filled with fluid, hands-on experiences that further deepen their connection with the art.
teamLab Phenomena Abu Dhabi is a key addition to Saadiyat Cultural District, which upon completion will be the largest concentration of world-leading cultural and educational institutions. The District is home to an unparalleled lineup of museums and cultural landmarks, including Louvre Abu Dhabi; the upcoming Zayed National Museum, the national museum of the UAE; Guggenheim Abu Dhabi, featuring a global collection of modern and contemporary art that reflects the diversity of cultures and trends from around the world; and Natural History Museum Abu Dhabi, telling the story of life on earth and the origins of our universe.
The addition of teamLab Phenomena reinforces Abu Dhabi’s position as a global cultural epicentre, offering visitors a unique and transformative experience while showcasing its commitment to creativity, innovation and cultural collaboration on a global scale.
For more information and to purchase tickets: www.teamlababudhabi.com
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Tyger Capital and Credgenics join hands to redefine collections management with innovative tech solutions
- Leverage Machine Learning insights backed communications approach
- Facilitate digital enablement of field team and offer integrated payments
NEW DELHI, April 18, 2025 /PRNewswire/ — Tyger Capital, India’s leading non-banking financial company (NBFC), has joined hands with Credgenics, the leading provider of SaaS-based collections and debt resolution technology solutions worldwide. This technology collaboration marks a significant stride towards reshaping the debt collections landscape, leveraging Credgenics’ comprehensive suite of solutions to streamline and optimize Tyger Capital’s loan collections management process.
At Tyger Capital, Credgenics’ AI powered SaaS based platform will help adopt a data-insights backed personalized approach for communications with borrowers across multiple digital channels including WhatsApp, SMS, and emails. With Credgenics CG Collect, the mobile app for field collection teams, the last mile operations will be digitized to unlock higher productivity and operational efficiency.
Commenting on the partnership, Rajaram Manian B, Chief Risk Officer of Tyger Capital, said, “We are excited to leverage Credgenics technology solutions in collections as we are committed to deliver unparalleled financial services powered by cutting-edge technologies and customer-centric approaches. This collaboration aligns with our mantra ‘Customer first’ and our focus on providing exceptional service to our customers while optimizing our operations through innovation and digital transformation.”
Credgenics technology platform will optimize field team operations, enable seamless collection transaction reconciliations, provide digitized customer visit management, and provide real-time tracking capabilities. Credgenics Billzy payments platform will facilitate borrowers to make digital loan payments swiftly, securely, and conveniently. Adoption of cutting-edge solutions from Credgenics promises higher response rates, accelerated debt resolutions, and reduced operational costs, positioning Tyger Capital at the forefront of customer service excellence.
Rishabh Goel, Co-Founder and CEO of Credgenics, said, “Our engagement with Tyger Capital is an extremely valuable addition to our customer base from the NBFC segment. We are confident that Credgenics’ comprehensive solutions will tremendously enhance the collection management process at Tyger Capital. With our focus on continual innovation, enhanced customer experience and strict adherence to regulatory compliance, we aim to deliver significant business value at Tyger Capital.”
The collaboration between Credgenics and Tyger Capital is set to drive a transformative shift in collection management and debt resolution by leveraging cutting-edge technologies. This strategic partnership will enable both companies to deliver enhanced value to their customers while driving sustainable growth and profitability.
About Credgenics
Credgenics is the leading provider of Loan Collections and Debt Resolution technology platforms to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table for three years consecutively. Credgenics caters to the end-to-end collection lifecycle for retail and SME / MSME debt and works with over 150 customers. It handled more than 98 million retail loan accounts worth over USD 250 Billion in FY24 for collections and has sent over 1.7 billion omni-channel communications. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%, reduced collections time by 30%, and improved legal process efficiencies by 60%. https://www.credgenics.com/
About Tyger Capital
Tyger Capital Private Limited is a Non-Banking Financial Company (NBFC) headquartered in Mumbai, Maharashtra, India. Established in 2016, the company commenced lending operations in April 2017 with a mission to support entrepreneurship by providing financial solutions tailored for Micro, Small, and Medium Enterprises (MSMEs) and rural development. Tyger Capital is dedicated to be the most “economical” and “convenient” lender – Instant disbursement to underserved communities and small businesses. The company’s vision is to be a trusted financial partner that educates, guides, and supports customers, fostering active participation in the financial ecosystem. Tyger Capital has a robust presence with a network of 250 branches across nine states: Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Telangana, and Uttar Pradesh. This extensive reach enables the company to effectively serve a diverse clientele. Tyger Capital is committed to empowering entrepreneurs and fostering economic growth through its comprehensive financial solutions and customer-centric approach. https://tygercapital.in/
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Herbalife India Launches New Podcast Series – Live Your Best Life, Unscripted
The debut episode explores holistic wellness, mental resilience, and performance strategies with renowned sports scientist and high-performance coach Shayamal Vallabhjee.
BENGALURU, India, April 17, 2025 /PRNewswire/ — In a world where wellness conversations are often reduced to diet fads and fitness trends, Herbalife India, a premier health and wellness company, community and platform is bringing a refreshing change with the launch of its brand-new podcast series — ‘Live Your Best Life, Unscripted’.
Designed as an honest, inspiring, and insightful platform, the podcast brings together experts, athletes, and thought leaders to share their journeys, insights, and lessons on holistic well-being — not just physical fitness, but also mental resilience and emotional balance.
The series is hosted by Ajay Khanna, Managing Director of Herbalife India, who leads engaging conversations with personalities known for their contributions to health, wellness, and performance.
Kicking off the series is an insightful episode featuring Shayamal Vallabhjee — a celebrated sports scientist, high-performance coach, and author. With over two decades of experience working with elite athletes and teams worldwide, Shayamal offers a fresh perspective on what it really means to live a balanced life.
From his experiences growing up in South Africa to living as a monk, Shayamal shares how discipline, mental strength, and spirituality shape both performance and overall well-being. The conversation also explores the role of technology, the importance of gut health, mindful eating, and perhaps most importantly — self-compassion.
Speaking on the launch of the podcast, Ajay Khanna, Managing Director, Herbalife India, said:
“At Herbalife, we believe wellness is a lifelong journey—one that goes beyond counting calories or tracking fitness goals. Live Your Best Life, Unscripted is our way of fostering real, thought-provoking conversations that inspire people to embrace a more holistic approach to health. Through this podcast, we hope to empower listeners with insights from experts and changemakers, encouraging them to prioritize not just physical well-being, but also mental resilience and emotional balance.”
The podcast is available in both video and audio formats — making it easy for viewers to tune in from anywhere.
Watch the Full Episode on Herbalife’s YouTube Channel
Prefer Audio? Listen to the Podcast here: Apple Podcast:
https://podcasts.apple.com/us/podcast/live-your-best-life-unscripted/id1808386057
Spotify Podcast: https://open.spotify.com/episode/5dn8QAS0Ods24TVLxyeYsS?si=oeD3ZkONQFqzzs4aeU1w6A
Amazon Music:
This is just the beginning. New episodes of Live Your Best Life, Unscripted will continue to feature inspiring voices from the world of sports, nutrition, and wellness.
Herbalife
(NYSE: HLF) is a premier health and wellness company, community and platform that has been changing people’s lives with great nutrition products and a business opportunity for its independent distributors since 1980. The Company offers science-backed food products to consumers in more than 90 markets through entrepreneurial distributors who provide one-on-one coaching and a supportive community that inspires their customers to embrace a healthier, more active lifestyle to live their best life.
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teamLab Phenomena Abu Dhabi opens its doors to the public in Saadiyat Cultural District
Tyger Capital and Credgenics join hands to redefine collections management with innovative tech solutions
Herbalife India Launches New Podcast Series – Live Your Best Life, Unscripted
Disha Patani emerges as the ultimate fashionista of Bollywood; rocks every outfit she wears
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