OPEC Fund Assigned Inaugural Credit Rating of AA+ From Fitch Ratings
- Written by PR Newswire
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VIENNA, July 30, 2021 /PRNewswire/ -- The OPEC Fund for International Development (the OPEC Fund) has been assigned an inaugural credit rating of AA+, with stable outlook from Fitch Ratings.
Fitch cited the OPEC Fund's excellent capitalization, liquidity levels and asset quality as key rating strengths. The OPEC Fund's well-diversified lending book and preferred-creditor status, strong risk management policies and very high level of management expertise further informed Fitch's assessment.
OPEC Fund Director-General Abdulhamid Alkhalifa welcomed the Fitch ratings announcement, which pays testament to the OPEC Fund's 45 year track record of delivering successful development outcomes in line with the organization's unique South-South mandate.
Alkhalifa said: "This positive outcome comes at a time when innovative and concerted approaches to global development financing are especially required. The unwavering support of our member countries over 45+ years has consistently enabled us to meet the evolving needs of our partner countries. Thanks to this assessment, the OPEC Fund is even better positioned to advance the global Sustainable Development Goals (SDGs), and provide efficient and long-term development support to the millions of people currently in need of positive solutions."
OPEC Fund Assistant Director-General of Financial Operations, Tarek Sherlala, said: "This strong rating will provide the OPEC Fund substantial financial flexibility, enable us to drive greater value for our member countries and partner countries, and ultimately further enhance our development impact and track-record in advancing the SDGs around the world."
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 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 more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. Our vision is a world where sustainable development is a reality for all.
