International Islamic Trade Finance Corporation (ITFC) Ranked #1 Globally in Islamic Syndications by Bloomberg and LSEG Data & Analytics in 2025

Source: APO

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has been ranked Global #1 Bookrunner and Mandated Lead Arranger (MLA) in the 2025 Bloomberg and LSEG Data & Analytics Islamic Syndications League Tables, marking five consecutive years of leadership in the Islamic syndications market.

The Bloomberg ranking highlights the Corporation’s strength in originating and leading complex Islamic syndicated trade finance transactions, supported by its ability to mobilize a broad and diversified global investor base. Complementing this, the Refinitiv ranking reflects ITFC’s consistent leadership and strong market credibility.

Together, these recognitions confirm ITFC’s central role in mobilizing public and private investors worldwide to finance OIC member countries, while delivering scalable Islamic trade finance solutions that meet client needs and remain aligned with its development mandate.

Commenting on the achievement, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC, said: “Achieving the #1 global ranking in both the Bloomberg and LSEG Data & Analytics Islamic Syndications League Tables in 2025 reflects the strength, consistency, and credibility of ITFC’s syndication platform and global reach. These recognitions demonstrate the confidence of the international financial community in ITFC’s ability to originate and lead high-quality Islamic syndicated transactions. We remain grateful to our syndication partners for their continued trust and commitment.”

Bloomberg and LSEG Data & Analytics Islamic Syndications League Tables are compiled using comprehensive market transaction data and are widely accessed by financial institutions through Bloomberg and LSEG Data & Analytics data platforms and terminals.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

Media Contact:
Tel: +966 12 646 8337
Fax: +966 12 637 1064
E-mail: ITFC@itfc-idb.org

Ahmed Jan
General Manager
ajan@itfc-idb.org                              

Athar Khalil
Division Manager
Ajan@itfc-idb.Org

Social Media:
Twitter: @ ITFCCORP
Facebook: @ ITFCCORP
LinkedIn: International Islamic Trade Finance Corporation (ITFC)

About the International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$92 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

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Egypt: President El-Sisi Meets the Prime Minister, Ministers to Discuss Phase I of “Decent Life” Initiative

Source: APO


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Today, President Abdel Fattah El-Sisi met with Prime Minister, Dr. Moustafa Madbouly as well as Minister of Planning, Economic Development and International Cooperation, Dr. Rania Al-Mashat; Minister of State for Military Production, Mohamed Salah El-Din; Minister of Local Development, Dr. Manal Awad; Minister of Social Solidarity, Dr. Maya Morsy; and Minister of Housing, Utilities, and Urban Communities, Eng. Sherif El Sherbini. The meeting was also attended by Advisor to the President for “Decent Life” Initiative, Lieutenant-General Mohamed Farid Hegazy; Head of the Armed Forces Financial Affairs Authority, Major General Khaled Ahmed Abdallah; Chairman of the Armed Forces Engineering Authority, Major General Walid Aref, and Director General of the Arab Organization for Industrialization, Major General Engineer Abdel Rahman Abdel Azim

Spokesman for the Presidency Ambassador Mohamed El-Shennawy said that during the meeting the President was updated on the executive status of the first phase of the national project for the development of the Egyptian countryside (The Presidential Initiative: ‘Decent Life’ / Hayah Karima). This initiative is considered an unprecedented developmental model for economic and urban development. In this regard, the projects implemented during the first phase of the initiative were reviewed. This phase covers 20 governorates, 52 districts, 333 local units, and 1,477 villages. Approximately 20 million citizens benefit from the projects implemented during this phase, totaling around 27,332 projects, with an average implementation rate of 90%.

The meeting discussed the geographical scope of the first phase of the ‘Decent Life’ (Hayah Karima) initiative, as well as progress in the construction of the relevant utilities and infrastructure. This includes wastewater and potable water systems, energy and telecommunications networks, and engineering works related to both the transport and road sectors as well as security and community services.

It also focused on the current executive status of projects implemented under the initiative, and strategies to overcome challenges to ensure the completion of the first phase projects within the specified timeframes.

The meeting also reviewed the objectives and preparations for the second phase of the “Decent Life” initiative. This phase encompasses projects across the sectors of wastewater and water, natural gas, telecommunications, fiber optics as well as health units, medical centers, and ambulance units within the framework of the Universal Health Insurance System, in addition to educational facilities. The second phase is scheduled to be implemented across 20 governorates and 204 local units, involving approximately 14,500 projects. Work is already underway in 245 villages.

President El-Sisi gave directives to follow-up on the remaining works of the initiative’s first phase, and to eliminate all obstacles to ensure swift progress and timely completion and handover of projects. This includes providing the necessary funding to achieve maximum benefit for citizens at the earliest possible opportunity.

The President also emphasized the importance of intensive and well-studied preparations for the launch of the initiative’s second phase, with a commitment to the highest levels of performance and execution in accordance with the latest standards.

Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.

President on UAE visit: Economic growth ambitions and climate action are mutually beneficial

Source: Government of South Africa

President on UAE visit: Economic growth ambitions and climate action are mutually beneficial

A nation’s climate action goals and economic ambitions can work in tandem for greater prosperity. This, according to President Cyril Ramaphosa, who spoke during a fireside chat at the Abu Dhabi Sustainability Week 2026, held in that country.

“In fact, countries that have embarked on climate action strategies, have found that those interventions do finally yield economic growth. So therefore, one needs to see climate action as a driver and an enabler for economic growth.

“The more we embrace clean energy, the more new technologies come about, new opportunities open up and we find that there are new sub-sectors of the economy that are established and where we might close certain sub-sectors, new ones open.

“Therefore, it’s not a binary question. It’s a mutually inclusive and reinforcing approach,” President Ramaphosa said.

He warned that focus on one side could be detrimental to the other. 

“If we focus on economic growth, to the detriment of climate taking climate action, you’ll find that in the long term, you have economic stagnation or reversal. If you focus on the other only, you’ll find that your economy may grow but it will not grow well.

“A dual approach, focusing on both, can actually drive the economy forward,” the President added.

Reflecting on South Africa’s drive to raise financing for the Just Energy Transition, President Ramaphosa noted that government went about setting its own climate plan and agenda.

“One of the advantages [to this] was, we were able to raise finance smartly, we were able to raise fairly good, blended finance initiatives, grants, concessional financing…so the blended finance architecture was quite good and innovative.

“We were first from the starting blocks and we’re very pleased that a number of countries from the global south have followed in the wake of what South Africa did. We now have attracted, particularly in the Northern Cape… more than R110 billion in investments.

“That has happened because it was South Africa designed and we got the financiers to work with us. There was nothing imposed on us like it has happened in the past. In the past, financiers have focused on what they could get out and we have focused on cooperation. A cooperative process has now been followed and both of us are involved,” he explained.

Turning to the Africa’s potential role as an exporter of green energy, President Ramaphosa highlighted the continent’s endowment of vast amounts of sun, wind power and hydropower as areas of opportunity for investment.

“A combination of all three, as well as our minerals, gives rise to great opportunities where we can generate energy.

“[Some] 600 million people on the African continent, still lack electricity. That, in itself, rather than being a challenge, we see it as an opportunity… that we can utilise all these endowments – our minerals – instead of exporting rock, soil and stones. We should now beneficiate, add value to our minerals so that they are properly utilised in the energy generation.

“Africa is the centre where green hydrogen can [also] be greatly utilised. We can use our solar, wind and in doing so, Africa can become an exporter of energy. This is where we invite financiers, investors to come to the African continent.

“We’ve got great opportunities for generating energy…and infrastructure development in Africa is going to explode by leaps and bounds and on the back of energy generation and good financing, we will be able to see higher levels of growth. I invite you… to come to the African continent and invest there. That is where the future is,” President Ramaphosa concluded. – SAnews.gov.za

NeoB

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South Africa: Deputy President Mashatile congratulates the Class of 2025

Source: APO


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The Deputy President of the Republic of South Africa, Paul Mashatile, has extended his heartfelt congratulations to the Matric Class of 2025 following the release of the National Senior Certificate results.

The Deputy President commends the matriculants for their resilience, discipline, and determination in reaching this important milestone, noting that their achievement represents both personal success and a critical contribution to the country’s future development.

In his message, the Deputy President encourages the matriculants to take advantage of government-supported opportunities aimed at supporting young people as they transition into higher education, skills development, and employment.

The Deputy President reaffirmed government’s commitment to investing in young people and creating inclusive opportunities that enable them to participate meaningfully in the economy and society.

Distributed by APO Group on behalf of The Presidency of the Republic of South Africa.

Appointment of the Chief Executive Officer of the Enterprise Seychelles Agency (ESA)

Source: APO


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The Office of the President has today announced the appointment of Ms. Dylis Cedras as the new Chief Executive Officer of the Enterprise Seychelles Agency (ESA).

Ms. Cedras holds a Master’s degree in Business Management from the University of the West of Scotland and a Bachelor’s degree in Business Administration with Marketing from the University of London. She is currently pursuing a Doctorate in Business Management at the University of Seychelles.

Ms. Dylis Cedras brings approximately 17 years of experience in the public service, having begun her career in 2008 as a Secondary School Teacher with the Ministry of Education. Before joining the Seychelles Islands Foundation (SIF), serving as Visitor Centre and Sales Manager from 2012 to 2013, She subsequently served as a Business Analyst at the Financial Services Authority between 2014 and 2015. She returned to SIF in 2015, she held the position of Sales and Marketing Officer until 2021, advancing to Sales and Marketing Manager from 2021 to 2023.

Since 2023, she served as Head of Commerce and Tourism at SIF, overseeing tourism and commercial operations across key national heritage sites, a role she held until her appointment as Chief Executive Officer.

Ms. Cedras’s appointment as Chief Executive Officer of the Enterprise Seychelles Agency (ESA) took effect on 12th January 2026.

Distributed by APO Group on behalf of State House Seychelles.

Doctors, engineers and accountants: SA’s top learners look to the future

Source: Government of South Africa

Doctors, engineers and accountants: SA’s top learners look to the future

With the National Senior Certificate (NSC) results released, the 2025 class of Grade 12 is now turning focus towards the future.

In a ceremony on Wednesday evening, Basic Education Minister Siviwe Gwarube announced that some 88% of the more than 900 000 learners who wrote exams had passed – a record-breaking milestone for South Africa.

Earlier in the day, Gwarube hosted a breakfast for the country’s top 40 learners in Johannesburg.

At the breakfast, learners expressed joy at their achievements and revealed their ambitions for the future.

Angie Ntuli, a learner from Phumzile Secondary School in Mpumalanga, told SAnews that she was “beyond ecstatic” to be a top achiever.

“It has not been easy at all. My mom was always there for me. We would study together and I would even teach her some of the things that we were doing.

“I am planning on going to the University of Cape Town to study Accounting,” she said.

Another learner, Asanda Ndlela, said the toil of the past year was worth it.

“I am so happy to be part of the top achievers. In fact, I first thought my friends were pranking me but then my school principal called me and then I saw it was serious.

“It’s been a tough year for all of us. But we have managed to get through it and eventually pass. I’m going to be studying Mechanical Engineering at the [University of Johannesburg] this year,” he said.

Simesihle Khuzwayo from King Bhekuzulu College in KwaZulu-Natal said her journey was not easy as she was sick during the year.

The illness and the care she received from medical doctors has now shaped her future career.

“I fell ill a lot and spent most of my time in hospital and I saw that doctors can play a very huge role in improving lives. I also want to do that. I had the best doctors and I also want to be one of those who will help kids like me,” she said.

Khuzwayo shared a word of advice for the incoming matriculants: “Do not compare yourself to others and don’t listen to external pressures which might make you lose focus. Focus on yourself and set realistic goals which you can reach.”  – SAnews.gov.za

 

NeoB

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Deputy President urges matriculants to seize govt opportunities for education, employment

Source: Government of South Africa

Deputy President urges matriculants to seize govt opportunities for education, employment

Deputy President Paul Mashatile has urged matriculants to utilise government-supported opportunities designed to help young people transition into higher education, skills development and employment.

“The Deputy President reaffirmed government’s commitment to investing in young people and creating inclusive opportunities that enable them to participate meaningfully in the economy and society,” the Deputy President’s Office said in a statement.

Last night, Minister of Basic Education Siviwe Gwarube announced the 2025 National Senior Certificate (NSC) examination results at the Mosaic Church in Randburg, Johannesburg.

The country’s Class of 2025 achieved the highest-ever pass rate of 88% – a 0 .7% increase from 2024.

The Minister emphasised the significance of this achievement, stating that these results represent not merely numbers but a testament to the collective efforts of educators, learners, and communities nationwide.

In 2025, more than 900 000 candidates wrote at about 6 000 centres, with the largest share of candidates being 18 years old.

“Over 656 000 learners passed the National Senior Certificate. That figure carries the effort of every teacher, every learner, families in every corner of our country,” the Minister said.

Gwarube noted that the percentage of learners unable to sit for any of their exam papers has significantly decreased, from approximately 17% in 2017 to around 2% today. 

She also emphasised the importance of the quality of passes, as this is crucial for shaping post-school opportunities.

“Here we look at passes that open doors to Bachelor’s studies, Diploma studies and Higher Certificate studies.”

The national percentage of candidates achieving Bachelor passes decreased slightly, from approximately 48% to 46%. 

However, the total number of candidates who received Bachelor passes increased by 8 700, reaching over 345 000 learners. 

In addition, 28% of candidates achieved Diploma passes, while 13.5% obtained Higher Certificate passes.

The Deputy President extended his heartfelt congratulations to the matric Class of 2025, following the release of the NSC results.

“The Deputy President commends the matriculants for their resilience, discipline, and determination in reaching this important milestone, noting that their achievement represents both personal success and a critical contribution to the country’s future development.”

In September of last year, during a session in the National Council of Provinces (NCOP), the Deputy President stated that government is currently implementing a range of collaborative initiatives aimed at addressing youth unemployment. 

These initiatives focus on enhancing the functioning of the labour market through skills training, work experience opportunities, support for entrepreneurship, and wage subsidies.

“The rate of unemployment in our country is indeed a concern to all of us,” the Deputy President told Members of Parliament (MPs).

To this end, Cabinet approved Phase V of the Expanded Public Works Programme (EPWP) in February 2024, aiming to create five million work opportunities between April 2024 and March 2029, with an estimated five-year budget of R178 billion.

“This programme intends to address youth unemployment by providing young people access to jobs in mass projects such as road maintenance, inclusive of pothole repairs, public infrastructure development, public space beautification, waste management, and social services,” he said last year.

Furthermore, Deputy President Mashatile stated that the government collaborates with social partners, the private sector, and educational institutions through the National Skills Development Plan and the National Skills Fund. 

The aim is to equip young people and marginalised groups with market-relevant skills to enhance job creation initiatives.

Through the Human Resource Development Council (HRDC), chaired by Deputy President Mashatile, the State collaborates with social partners such as business, labour, and civil society to develop and implement a joint response to youth unemployment.

In addition, the Department of Women, Youth and Persons with Disabilities, in collaboration with the Department of Defence, has conceptualised the South African National Defence Force-led National Youth Service Programme.

The programme aims to empower women, youth, and persons with disabilities to become emerging industrialists in agriculture, energy security, aerospace, maritime, the digital economy, and defence sectors.

“As government, we are committed to moving from fragmented efforts to an integrated national programme that encompasses skills development, economic opportunity, workplace experience, entrepreneurship support, soft skills, and civic education to foster resilience and adaptability,” Deputy President Mashatile added. 

For more programmes for youth in South Africa, please look at the following:

1. National Youth Service Programme (NYSP): A national initiative that engages young people in community service and skills-building activities, promoting patriotism, social cohesion, and employability. https://nydawebsite.azurewebsites.net/Products-Services/National-Youth-Services-Programme.html

2. Youth Employment Service (YES): A government-supported programme, in partnership with private employers, gives youth (18–35) paid work experience for about 12 months to build skills and improve job prospects. https://www.yes4youth.co.za/

3. Presidential Youth Employment Initiative (PYEI): Led by the Presidency, this initiative provides short-term work opportunities (e.g., school or community roles) and skills development through the SAYouth.mobi portal. 

4. Expanded Public Works Programme (EPWP): Creates temporary paid work opportunities for youth age 18-35 in areas like road work, waste management, infrastructure and environmental projects, plus on-the-job training. http://www.epwp.gov.za/

5. National Youth Development Agency (NYDA) Programmes: NYDA supports young people with training, entrepreneurship support, mentorship and small business grants to start or grow youth-led ventures. 

6. Young Creatives Programme (TYCP): Focused on arts and culture, this programme empowers young artists with training, mentoring and platforms to grow their creative careers. https://www.gcis.gov.za/the-young-creatives-programme

7. SETAs (Sector Education and Training Authorities) – offer learnerships and skills training with stipends in key industries.

8. TVET colleges and skills funds – support technical and vocational training that leads to qualifications and better job prospects. 

SAnews.gov.za

Gabisile

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Government welcomes removal of SA from EU high risk list

Source: Government of South Africa

Government welcomes removal of SA from EU high risk list

The National Treasury has welcomed the removal of South Africa from the European Union’s list of High-risk Third Country Jurisdictions (EU List). 

This follows the delisting of South Africa from the Financial Action Task Force (FATF) greylist or “list of countries under increased monitoring” and the United Kingdom’s list of countries in which there is a high risk for money laundering and terror financing, both of which happened on 13 October 2025.

“National Treasury notes that removal from the FATF and EU lists of high-risk jurisdictions does not mean that all South Africa’s challenges in implementing its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) system have been resolved, and recognises that much work still needs to be done to strengthen deficiencies in the prevention, identification, investigation and prosecution of money laundering and terrorism financing,” the National Treasury said on Tuesday.

The European Union acknowledged the efforts made by South Africa and the other five African countries, in strengthening their AML/CFT systems, noting: 

“Burkina Faso, Mali, Mozambique, Nigeria, South Africa and Tanzania have strengthened the effectiveness of their AML/CFT regimes and addressed technical deficiencies to meet the commitments in their action plans on the strategic deficiencies identified by the FATF. The Commission therefore considers that Burkina Faso, Mali, Mozambique, Nigeria, South Africa and Tanzania no longer have strategic deficiencies in their AML/CFT regimes…”

South Africa was added to the EU List in August 2023 as an automatic consequence of its greylisting by the FATF in February 2023. 

The EU listing was in terms of its Article 9(1) of Directive (EU) 2015/849, which requires that third-country jurisdictions having strategic deficiencies in their systems for combating money laundering and terrorism financing (high-risk third countries) must be identified to protect the proper functioning of the EU’s internal market.

“This EU law requires that financial institutions in the EU must apply a higher level of scrutiny to transactions involving parties in countries deemed to be high-risk (enhanced due diligence), resulting in more rigorous and intrusive checks, increased documentation requirements, continuous monitoring and senior management approval for transactions,” the National Treasury said.

These requirements add friction to financial transactions and flows, affecting trade, payments and investment.

It should be noted that the removal of legislative obligations on EU financial institutions to conduct enhanced due diligence on South African-related transactions does not compel any financial institutions to rescind their risk assessment policies towards South Africa but allows willing EU financial institutions to adjust their risk assessment policies as they see fit.

South Africa will be entering a new round of evaluation by FATF in the coming months, with a final report scheduled to be presented to the FATF plenary in October 2027. 

Preparation has begun in earnest, incorporating the lessons learnt and experience gained during the process to exit FATF greylisting. – SAnews.gov.za

nosihle

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Learners who did not pass given second-chance options and reassurance

Source: Government of South Africa

Learners who did not pass given second-chance options and reassurance

Basic Education Minister Siviwe Gwarube has assured the Class of 2025 that not passing the National Senior Certificate (NSC) examinations does not mark the end of their journey, emphasising that multiple support mechanisms and alternative pathways remain available. 

Addressing learners at the release of the matric results on Monday, the Minister stressed the importance of hope, resilience and seeking support. 

“And to every learner who did not get the result you hoped for: you are not a failure, and your story is not over. There are pathways to improve your results – through rewrites, support programmes and second-chance opportunities. What matters now is that you take the next step, with support, and without shame,” Gwarube said. 

As part of these interventions, the Department of Basic Education (DBE) continues to roll out the Second Chance Matric Programme, which provides structured academic and psychosocial support to learners who wish to rewrite subjects or complete outstanding requirements. 

The programme assists candidates to meet the requirements of either the National Senior Certificate (NSC) or the Senior Certificate (SC), enabling them to obtain a recognised Grade 12 qualification.

Support is offered through a combination of face-to-face classes at centres across the country, as well as online learning platforms, television lessons and radio broadcasts, ensuring access for learners in different circumstances. 

Learners who qualify for the programme may rewrite through the following examination opportunities: 

• NSC supplementary examinations in March. 

• NSC progressed learner examinations in June, for candidates who previously did not sit for all six subjects. 

• Part-time NSC examinations in November, for learners who attempted the NSC after 2015. 

The DBE has reiterated that the Second Chance Matric Programme is provided free of charge, warning learners and parents to be cautious of private or commercial services that charge fees while claiming affiliation with the programme. 

Eligible candidates may register to rewrite or add subjects in line with departmental policies for the May/June examination cycle, without making any payment.  

Registration for the programme opened on 1 October 2025 and will close on 6 February 2026. 

“The department does not endorse any private or commercial services that require payment for participation in the Second Chance Programme,” the DBE said, urging learners to rely only on official platforms for accurate information.

Re-mark or Re-check

In addition, the DBE provides an online service for (NSC) candidates to request a re-mark or re-check of examination scripts. 

In order to request a re-mark or re-check service, candidates must first register on the e-Gov portal at www.eservices.gov.za to create a personal account. This account will allow the candidate to login using their password and usernames to access the service. 

“Registration can be done at either the school or district office in the province or online,” the DBE said.

The opening date for applications for re-marking and re-checking is 13 January 2026 with the closing date set for 27 January 2026 for both manual applications and online applications. 

The fee for re-mark is R120 per subject and re-checking is R30 per subject. The viewing of scripts may only be done after a re-mark or re-check of results. The closing date for applications is 7 days after release of re-mark or re-check results. The fee for viewing is R230. 

Results of remarking will be released from 13 March 2026 and will be available at the school/exam centre where the candidate sat for their 2025 examinations.

The Second Chance programme targets key gateway subjects, including Mathematics, Mathematical Literacy, Physical Sciences, Life Sciences, Accounting, Business Studies, Economics, Geography, History, English First Additional Language and Agricultural Sciences. 

Beyond academic support, the initiative also forms part of government’s broader efforts to improve learner retention, align with the National Development Plan, and expose candidates to bursary and further-study opportunities. 

The department has encouraged learners who feel overwhelmed or discouraged by their results to seek guidance from teachers, parents and support services, reminding them that mental wellbeing is a critical part of navigating post-matric options. 

For verified information and registration details, learners are advised to contact the Department of Basic Education directly or visit its official platforms. Learners can use the following contacts: 

• Email: SecondChance@dbe.gov.za 

• SMS/Calls: +27 63 696 7246 (Enquiries) 

• WozaMatrics WhatsApp: 061 505 3023 (Subject-related queries)

– SAnews.gov.za

DikelediM

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OPEC Fund for International Development (OPEC Fund) strengthens partnership with African Development Bank Group during official mission to Côte d’Ivoire

Source: APO

The OPEC Fund for International Development (the OPEC Fund) (https://OPECFund.orgis undertaking an official mission to Côte d’Ivoire, led by OPEC Fund President Abdulhamid Alkhalifa, to further strengthen strategic cooperation with the African Development Bank Group (AfDB) and advance joint efforts to support sustainable development across Africa.

A highlight of the visit was the AfDB–OPEC Fund Partnership Day at AfDB headquarters, which brought together senior leadership from both institutions to reinforce collaboration and align development priorities. During the visit, President Alkhalifa and AfDB President Sidi Ould Tah held bilateral discussions and signed an amendment to the existing Memorandum of Understanding, strengthening the framework for cooperation across public and private sector operations, co-financing and knowledge exchange.

OPEC Fund President Abdulhamid Alkhalifa said: “Africa remains central to the OPEC Fund’s mission. Our partnership with the AfDB continues to evolve into a more strategic and impact-driven collaboration, focused on accelerating delivery and supporting country-led development priorities. By working more closely together, we can scale solutions and deliver stronger results for people and communities across the continent.”

The OPEC Fund and the AfDB have partnered for nearly five decades, supporting some 120 projects across energy, transport, agriculture, water, health, education and financial sectors with US$1.5 billion in co-financing.  

The mission also underscores the partnership’s strong focus on implementation and results. President Alkhalifa is visiting the Atinkou Power Plant, a 390-MW combined-cycle gas facility, a flagship project co-financed with international development partners including the AfDB. The Atinkou project has strengthened Côte d’Ivoire’s baseload power supply by replacing inefficient generation capacity and providing reliable electricity for households and industry.

In addition, President Alkhalifa will participate in a high-level consultation between the Arab Coordination Group and the AfDB, aimed at enhancing coordination among development partners and supporting Africa’s long-term growth and resilience.

Distributed by APO Group on behalf of OPEC Fund.

Contact:
Telephone: +43-1-515 64-0
Fax: +43-1-513 92 38

https://OPECFund.org

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 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$30 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.

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