The OPEC Fund and European Bank for Reconstruction and Development (EBRD) have entered into a new Cooperation Agreement to enhance their support for development and transition.
The agreement, signed during the World Bank/IMF Spring Meetings in Washington, DC, aims to strengthen the pipeline of bankable projects by improving project preparation and technical assistance, according to WAM.
The OPEC Fund is contributing $2M to support joint projects in common countries of operation through the OPEC Fund-EBRD Project Preparation Facility, which aims to cover early-stage costs and enhance project preparation for financing.
Despite having different mandates, the institutions share many complementary activities and are active in North Africa, the Middle East, and Central Asia. The cooperation includes a $50M trade finance risk-sharing facility and over 20 co-financed projects in the public and private sectors.
