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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.

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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.

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Reliance Digital Launches ‘Baaptaa’, a Father’s Day Campaign Celebrating the Many Expressions of Fatherhood

MUMBAI, India, June 20, 2026 /PRNewswire/ — Reliance Digital has launched ‘Baaptaa’, a Father’s Day campaign to celebrate the many expressions of fatherhood. Built around a simple cultural observation, while “Maa ki Mamta” has long been a part of India’s collective vocabulary, there has never been a word that captures the distinct ways fathers express love, the campaign introduces ‘Baaptaa’ as a tribute to the many shades of fatherhood.

Conceptualised as an original music-led campaign, Baaptaa celebrates fathers not as idealised figures, but as they are experienced in everyday life, protective, dependable, emotional, quirky, practical, occasionally embarrassing, and always present. Through a relatable narrative, the campaign acknowledges the countless ways fathers care for their families, often through actions rather than words.

Watch Video: https://youtu.be/9XyUsJB33Ds?si=PM67vhxrzth1JEkz 

At the heart of the campaign is an original music video told from a father’s perspective, capturing the different roles he plays across life’s moments and milestones. The film brings to life the humour, warmth and unspoken affection that characterise father-child relationships, while giving a name to a form of love that many recognise but few have articulated.

The campaign stems from a simple insight: while motherhood has often found expression through familiar phrases and popular references, the unique language of fatherhood has remained largely undefined. Baaptaa seeks to fill that gap by creating a term that reflects the everyday gestures, practical wisdom and quiet sacrifices that fathers make.

Father’s Day communication often leans into familiar emotional territory, but Reliance Digital’s campaign celebrates fathers in a way that feels more culturally authentic and relatable. The idea for ‘Baaptaa’ came from a simple observation — mother’s love has been immortalised in a number of heartfelt, emotional songs, there needed to be an anthem dedicated to dad’s love. And thus was born Baaptaa – a love language that is often awkward, practical, protective, humorous and deeply felt, even if rarely verbalised. It’s a celebration of fatherhood in all its wonderfully imperfect forms immortalized by a song that you won’t be able to stop humming.

Shop for the widest range of electronics at Reliance Digital and thank your father for his Baaptaa.

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Harper Collins Publishers India is Delighted to Announce the Recent Publication of ‘People We Love’ by Preeti Shenoy

NEW DELHI, June 19, 2026 /PRNewswire/ — HarperCollins Publishers India is delighted to share the recent publication of People We Love by bestselling author Preeti Shenoy. At once tender and sharp, this collection of stories offers intimate, truthful and relatable portraits of the people we cherish, the ones we lose, and the people we become.

ABOUT THE BOOK

The people we love never truly leave our story…

In these tender yet piercing stories, Preeti Shenoy returns to some of her most beloved characters to reveal who they were before they appeared in her bestselling novels It’s All in the Planets and The One You Cannot Have.

Aniket, a coder, carries the weight of a longing for Trisha that he cannot bring himself to act on. Nidhi abandons her corporate life to teach pottery, only to discover that clay is far more forgiving than the people she loves. A quiz competition sparks an unlikely romance between Aman and Shruti, one that must withstand parental disapproval and class divides. And Anjali, a journalist, is so busy chasing stories that she almost misses the one unfolding in her own life.

Set against the pulse of contemporary India, People We Love explores the tug-of-war between duty and desire, family and freedom, who we are and who we dare to be. Intimate and deeply felt, these are stories about love that stays, leaves and almost slips away … love that quietly and irrevocably shapes the people we become.

Preeti Shenoy, author, says, “People We Love is a collection of three long stories, prequels to my bestsellers It’s All in the Planets and The One You Cannot Have. If you have read those books, you already know how these characters’ stories unfold. But what you don’t know yet is where it all began, the loves they carried, the choices they made, and the people they were before life shaped them into who you met on those pages. Writing these prequels felt like returning to a home I hadn’t realised I missed, and discovering rooms I had never been in before.”

Rashmi Menon, Associate Publisher – HarperCollins India, adds, “Preeti Shenoy has an extraordinary gift for finding the heartbeat of ordinary lives. People We Love is a warm, wise and deeply humane collection of short stories that reunites readers with favourite characters from her bestselling novels It’s All in the Planets and The One You Cannot Have, weaving them into fresh, deeply satisfying narratives. These characters feel like people you know, and their journeys will move, comfort and surprise you. This uplifting, thought–provoking collection reminds us why we turn to stories in the first place. We couldn’t be more excited to share it with our readers.”

ABOUT THE AUTHOR 

Preeti Shenoy is among the highest-selling authors in India. She was featured on the Forbes longlist of the most influential celebrities in India. Her books include When Love Came Calling, Wake Up Life, Is Calling, Life Is What You Make It, The Rule Breakers, A Hundred Little Flames, It’s All in the Planets, Why We Love the Way We Do, The Secret Wish List, The One You Cannot Have and many others. Her work has been translated into many Indian languages. Preeti is also a motivational speaker, an avid fitness enthusiast, and an artist specializing in portraiture and illustrated journalling. Preeti lives in Bengaluru, Karnataka.

ABOUT HARPERCOLLINS PUBLISHERS INDIA

At HarperCollins Publishers India, we believe in telling the best stories and ensuring they reach the widest readership. We publish around 250 new books every year across 10 imprints, adding to a diverse catalogue of more than 3,000 titles in print and digital formats, with an array of genres and voices that ensure there is a book for every reader. Our authors have won some of the most prestigious literary awards, and we are proud to publish many acclaimed writers, alongside new and emerging voices shaping contemporary literature. We are also the publishers of The White Tiger by Aravind Adiga, winner of the Booker Prize 2008, and Girl in White Cotton by Avni Doshi, shortlisted for the Booker Prize in 2020, and HarperCollins India itself has been awarded “Publisher of the Year” several times. In addition, we represent some of the finest global publishers such as Harvard University Press, Lonely Planet, Oneworld, Nosy Crow, Usborne, and National Geographic Children, bringing Indian readers access to world-class books and ideas. We are also proud to be certified as a Great Place to Work for two consecutive years, a recognition of our culture, people, and values that make HarperCollins India a truly inspiring workplace. 

PRESS CONTACT:

Nandini Tripathi, Manager – Marketing (Commercial)

Email: nandini.tripathi@harpercollins.co.in | Mobile: +91 9718928839

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Fulfilling PM Modi’s Dream of Atmanirbhar Bharat: India’s AI Writing Startup Kreativespace Incubated at IIT Kharagpur

  1. Kreativespace, an Indian AI-powered writing platform founded by Vinet Kakadea, has been incubated at IIT Kharagpur and recognized by SVNIT University, Ministry of Education under Bodhan AI Conclave also through the NVIDIA Inception Program, AWS Startup Program, and DPIIT under Startup India.
  2. The platform unifies 8 AI-powered writing tools, along with AI Humanizer and Message AI feature being the latest addition into a single ecosystem, so you can generate and refine content all in one place.
  3. The company reports more than 50,000+ signed-up users, 75,000+ anonymous users, and roughly 100,000 monthly website visitors, positioning itself as the only Indian company operating at scale in the global AI writing market.

SURAT, India, June 19, 2026 /PRNewswire/ — Kreativespace, an AI-powered writing platform, is building out its position as the only homegrown alternative in a market long dominated by international tools such as Grammarly and QuillBot. Founded by Vinet Kakadea and incubated at IIT Kharagpur, the company has aligned its growth with the broader push behind Prime Minister Narendra Modi’s Atmanirbhar Bharat (Self-Reliant India) initiative, which encourages indigenous technology development capable of competing on a global scale.

Kreativespace Incubated at IIT Kharagpur

As AI adoption accelerates across India’s education, research, and enterprise sectors, Kreativespace is among a small group of Indian startups building writing technology designed to compete directly with established international platforms.

Kreativespace’s progress has been recognized by several institutions central to India’s startup and technology ecosystem. The company has been incubated at IIT Kharagpur, selected under SSIP 2.0 through SVNIT University, and chosen by the Ministry of Education to present its work at the Bodhan AI Conclave. It has also been accepted into the NVIDIA Inception Program and the AWS Startup Program, and holds DPIIT recognition under the Startup India initiative.

Where many writing-tool users rely on separate subscriptions for content generation to refinement for grammar correction, paraphrasing, plagiarism checking, citation generation, and editing, Kreativespace brings these functions into a single platform as a super-app for AI writing tools. The company says its approach centers on affordability and accessibility alongside performance, aiming to make advanced AI writing assistance available to a wider range of users regardless of geography or budget.

The idea for Kreativespace took shape while founder Vinet Kakadea was studying at New York University and Marymount University in the United States, where he experienced firsthand how students, researchers, and professionals often need multiple paid subscriptions to cover writing-related tasks. That fragmented experience led him to build a super-app offering each of these capabilities together, at a more accessible price point.

Kreativespace combines 8 AI-powered writing tools with AI Humanizer and Message AI feature being the latest addition, allowing users to generate, rewrite, refine, and humanize content without moving between separate platforms. The product is available via web platform, mobile apps on the App Store and Google Play, browser extensions for Chrome, Mozilla, and Edge, and a Google Docs add-on.

Vinet Kakadea, Founder of Kreativespace, said, “Kreativespace’s vision is to digitalize the entire Indian education ecosystem to support PM Modi’s Atmanirbhar Bharat scheme.”

About Kreativespace

Kreativespace with the Motto of Making Writing Accessible for Everyone: Kreativespace is an AI-powered writing platform built to make AI writing tools accessible, affordable, and effective for students, researchers, educators, professionals, content creators, startups, and enterprises. Founded by Vinet Kakadea, the company is incubated at IIT Kharagpur and has been recognized by AWS Startup Program, the NVIDIA Inception Program, and DPIIT under Startup India. For more information, visit kreativespace.com.

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