OPEC Fund and IDB launch new facility to boost infrastructure investment in Latin America and the Caribbean

The OPEC Fund and the Inter-American Development Bank (IDB) have launched a new US$3 million Project Preparation Facility to help unlock more than US$400 million in infrastructure investment across Latin America and the Caribbean (LAC).

Signed on the sidelines of the 9th Future Investment Initiative in Riyadh, the agreement marks a new step in the OPEC Fund's collaboration with the IDB to mobilize financing for sustainable development and regional integration. It follows a Memorandum of Understanding signed in Washington, D.C. earlier this year.

OPEC Fund President Dr. Abdulhamid Alkhalifa said:

"Together with the IDB, we are strengthening the foundation for future investment and sustainable growth across Latin America and the Caribbean. By supporting well-prepared, high-impact projects, this new facility will help channel more resources where they can make a lasting difference."

IDB President Ilan Goldfajn said:

"This facility is a bridge between vision and co-financing ready projects. This partnership combines IDB's deep regional expertise with the OPEC Fund's global reach to prepare a strong pipeline of projects."

Administered by the IDB, the facility will support technical cooperation in 24 eligible LAC countries to strengthen project design, implementation and institutional capacity. Priority areas include transport, renewable energy, water and sanitation, digital infrastructure, and social services.

By focusing on pre-investment activities such as feasibility studies, environmental and social safeguards, and procurement planning, the facility will help advance a pipeline of high-quality, co-financing-ready projects.