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The Opec Fund for International Development approved USD 605 mn in development financing, USD 100 mn of which will go to Morocco’s climate resilience program, according to a press release. The money is broadly being allocated for financing global food security, climate action, and essential infrastructure initiatives, with USD 3 mn earmarked for the development of the Opec Fund Food Security and Climate Adaptation Facility.
More about Morocco’s program: The USD 100 mn loan will be used to co-finance the first phase of the Economic Governance and Climate Change Resilience Support Program. The program aims to “increase competitiveness and strengthen resilience, including to climate change,” the statement said.
The fund has been active in the region: The Opec Fund and the Arab Coordination Group — an alliance of regional development funds — committed to channeling at least USD 24 bn in climate financing by the end of the decade at COP27. The Fund will also provide Acwa Power with a USD 14.6 mn — as part of a financing package from the European Bank for Reconstruction and Development, the African Development Bank, the Green Climate Fund, the Sustainable Energy Fund for Africa, and the Arab Bank — for its 200 MW Kom Ombo solar project in Egypt’s Aswan.
