The OPEC Fund for International Development is providing US$1 million to CAF, Development Bank of Latin America, in support of a technical assistance facility to improve project preparation in countries of common operations in the Latin America and the Caribbean (LAC) region.

The new facility will support the development of a pipeline of bankable investment projects in priority sectors for the OPEC Fund and CAF and support the strengthening of institutions, sector policies, strategies and programs in common countries of operation.

The agreement was signed today on the sidelines of the IMF-World Bank Annual Meetings in Washington DC. OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “This initiative will support our partner countries in the LAC region by ensuring improved readiness of investment projects and by facilitating more effective and efficient implementation. It is another important milestone in our longstanding partnership with CAF, expanding our cooperation in the area of technical assistance.”

Sergio Diaz-Granados, CAF Executive President, added: “CAF is developing an ambitious agenda of alliances by bringing together international actors to accelerate the exchange of knowledge and ensure that the LAC region can actively offer solutions to major global challenges. The technical assistance facility agreement with the OPEC Fund will allow us to double our efforts to strengthen the impact and efficiency of our financing in key areas of development in the countries of the region.”

The agreement builds on a cooperation framework agreement signed in 2021, when the OPEC Fund and CAF committed to enhance strategic and operational cooperation and to co-finance public and private sector projects that contribute to sustainable economic development in the LAC region. Based on the agreement, the OPEC Fund will provide financing of up to US$600 million for public sector projects in partnership with CAF until 2024.