Connect with us

Buzz

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.
Logo – https://mma.prnewswire.com/media/1584526/OPEC_Fund_Logo.jpg

Related Topics:
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Buzz

Cactus Technology Solutions Private Limited has been Empanelled by National e-Governance Division to Support AI Capacity Building for Government Initiatives

MUMBAI, India, April 28, 2026 /PRNewswire/ — Cactus Technology Solutions Private Limited (CACTUS),formerly known as Cactus Communications, has announced that it has been empanelled by National e-Governance Division (NeGD) under the Ministry of Electronics and Information Technology (MeitY), Government of India, as a partner agency to provide specialized AI/ML talent for government-led digital initiatives. Through this engagement, CACTUS will provide specialized AI/ ML expertise to design and deploy scalable, real-world AI solutions to support ministries and departments in operationalizing these systems.

This empanelment comes at a pivotal moment in India’s digital transformation journey, as the government accelerates progress toward its Viksit Bharat vision. It highlights a growing emphasis on strengthening AI capacity within government through structured access to specialized expertise and deployment-ready capabilities. As AI adoption expands across ministries and government departments, the focus is on building systems that are secure, scalable and grounded in real-world needs. CACTUS’ inclusion showcases its experience in supporting mission-critical initiatives through both high-quality specialized talent and deployable solution frameworks.With a long-standing focus on AI-led innovation, CACTUS combines deep technical capabilities with proven real-world execution across both the government and industries including life sciences, academia, scholarly publishing, and financial services. The company is trusted for delivering technology-driven, turnkey AI solutions in complex environments, supporting use cases from problem identification and solution prototyping to full-scale deployment and operationalization. As part of this engagement, CACTUS will work closely with NeGD to enable end-to-end AI implementations, spanning data science, model development, and deployment through the provision of specialized talent.Akhilesh Ayer, CEO, Cactus Technology Solutions Private Limited, said, “India is at a defining moment in its AI journey, where the focus is shifting from adoption to building robust, governed systems. Our recent conversation with the leadership at the National e-Governance Division has deepened our understanding of the government’s focus on building long-term institutional AI capabilities aligned with the vision of Viksit Bharat. It is an honour for CACTUS to support the government by deploying specialized talent to build secure, responsible and scalable AI initiatives.”CACTUS is also seeing growing adoption of its AI tools globally across industries including leading institutions in the country, such as the Indian Institute of Management Kozhikode, Indian Institute of Management Nagpur, and National Institute of Technology Calicut, among others. This momentum reflects its ability to design and deploy purpose-built AI solutions at scale, powered by specialized in-house talent, and reinforces its leadership in building real-world AI capabilities for various sectors.For more information, visit:Cactus Technology Solutions (earlier known as Cactus Communications): https://cactusglobal.com/NeGD: https://negd.gov.in/For more details, contact: Nidhi Amin | Cactus Technology Solutions: nidhi.amin@cactusglobal.com newsroom@cactusglobal.comPhoto: https://mma.prnewswire.com/media/2967534/CACTUS_empanelled_by_NeGD.jpg

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/cactus-technology-solutions-private-limited-has-been-empanelled-by-national-e-governance-division-to-support-ai-capacity-building-for-government-initiatives-302755609.html

Continue Reading

Buzz

Woxsen University to Confer Honorary Doctorate on Dr. Roy F. Baumeister

HYDERABAD, India, April 28, 2026 /PRNewswire/ — Woxsen University, Hyderabad, will confer an Honorary Doctorate upon Dr. Roy Frederick Baumeister, social psychologist and Professor Emeritus at The University of Queensland, during its Annual Convocation in July 2026. Dr. Baumeister will also grace the ceremony as the Chief Guest.

With an academic output comprising over 700 publications, more than 40 books, over 300,000 citations, and an h-index of 216, Dr. Baumeister is among the most cited scholars globally. His research spans areas such as self-control, decision-making, motivation, belongingness, human sexuality, free will, and social behaviour.Dr. Baumeister is best known for his work on ego depletion and self-control, including the strength model of willpower, which examines self-control as a limited but developable resource. His paper, ‘The Need to Belong,’ co-authored with Mark Leary, has received over 41,000 citations and continues to shape thinking on human connection and social behaviour.Dr. Baumeister’s work has influenced leadership, organisational behaviour, and public policy, offering research-backed perspectives on human decision-making and performance. His book, Willpower: Rediscovering the Greatest Human Strength, brought many of these ideas to a broader audience.Dr. Raul Villamarin Rodriguez, Vice President, Woxsen University added, “We are deeply honoured to recognise Dr. Roy F. Baumeister with Woxsen University’s Honorary Doctorate. His remarkable scholarship has shaped global understanding of human behaviour, willpower, belonging, and decision-making, leaving a lasting legacy in psychology and beyond. It is with great pride that we welcome him as the Chief Guest for our Annual Convocation 2026.”Dr. Roy F. Baumeister said, “I am deeply honoured by this opportunity, and I am excited to travel to Hyderabad and meet with scientists and intellectuals there. Sharing ideas with thinkers from different backgrounds has always been a passion of mine.”Dr. Baumeister earned his Ph.D. from Princeton University and has held senior positions at leading institutions, including Francis Eppes Eminent Scholar at Florida State University, and the Elsie Smith Professorship at Case Western Reserve University. He is also a Fellow of the Society for Personality and Social Psychology and the Association for Psychological Science.The Annual Convocation 2026 of Woxsen University will bring together graduating students, PhD scholars, faculty, and distinguished guests to mark the completion of academic programmes across disciplines.About Woxsen University, HyderabadWoxsen University, located in Hyderabad, is one of the first private universities in the state of Telangana, India. Renowned for its 200-acre state-of-the-art campus and infrastructure, Woxsen University offers new-age, disruptive programs in the fields of Business, Technology, Arts & Design, Architecture, Law, and Liberal Arts & Humanities. Woxsen also houses Asia’s largest Sports Infrastructure, spread over 60 acres. With 175+ Global Partner Universities and a strong industry connect, Woxsen is recognized as one of the top universities for Academic Excellence and Global Edge. Woxsen has also secured the QS Business Masters World Ranking 2025, Rank #9 All India, Top 100 B-Schools by Times B-School Ranking 2025, Rank #6, Asia Pacific, Bloomberg Best B-School, and features in India’s Best B-Schools beyond IIMs by Dalal Street Investment Journal 2025, in 4th consecutive year. Woxsen is ranked as one of the Top Professional Colleges in India by Outlook I-CARE for its undergraduate programs, securing All India Rank 12 among the Top 130 BBA Private Institutes, All India Rank 20 among the Top 160 B.Tech Private Institutes, All India Rank 3 among the Top 25 Design Private Institutes, and All India Rank 3 among the Top 30 B. Arch Private Institutes.Photo: https://mma.prnewswire.com/media/2967568/Woxsen_University_Dr_Roy.jpgLogo: https://mma.prnewswire.com/media/1771070/5365059/Woxsen_University_Logo.jpg

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/woxsen-university-to-confer-honorary-doctorate-on-dr-roy-f-baumeister-302755433.html

Continue Reading

Buzz

AiPPT.com Expands Its Approach to Turning Information into Ready-to-Use Presentations in India

NEW DELHI, April 27, 2026 /PRNewswire/ — AiPPT.com has refined its platform as demand continues to grow in India for faster ways to turn everyday information into structured presentations.
Across universities, coaching centers, startups, and corporate teams, presentation work often begins with scattered material from notes, documents, and online sources. The platform focuses on converting this workflow into a single process that produces usable slides from raw input. The aim is to reduce preparation time while keeping presentations clear and ready for use.A Workflow Built Around ContentAiPPT.com allows users to start in familiar ways. A topic can be entered directly, or files such as Word and PDF documents can be uploaded. Web content can also be converted into slides via the URL-to-PPT feature, which turns online information into structured presentations.The system analyzes the input and builds a presentation with clear sections and logical flow. Slides are generated with formatting applied automatically, reducing manual effort.For users looking for inspiration, AiPPT.com also provides resources such as easy presentation topics to help them get started more quickly.From Scattered Information to Clear CommunicationIn academic and workplace settings, information is often spread across multiple formats. Turning this into a structured presentation can take time.AiPPT.com simplifies this process. A report can become a meeting deck. A research paper can be turned into a seminar presentation. Startups can quickly build investor materials using the AI pitch deck generator. Educators can create structured lessons with support from tools designed for teaching, such as AI for teachers.A Flexible System for Editing and ConversionAiPPT.com supports full editing after generation. Users can adjust text, change slide order, or refine structure. Presentations can also be edited directly through its online PPT editor.Users can also choose from a range of presentation templates to match different use cases. This flexibility helps users adapt presentations for classrooms, meetings, and digital sharing without rebuilding them.About AiPPT.comAiPPT.com is an AI-powered PPT generator focused on turning information into structured presentations. The company builds tools that connect content creation, organization, and presentation in one workflow. Its goal is to support clearer communication by helping users transform ideas and materials into ready to use slides efficiently.Contact InformationCompany Name: PIXELBLOOM PTE. LTD.Email: support@aippt.comWebsite: https://www.aippt.com/

View original content:https://www.prnewswire.com/in/news-releases/aipptcom-expands-its-approach-to-turning-information-into-ready-to-use-presentations-in-india-302753879.html

Continue Reading

Trending