The OPEC Fund launches $1.5 billion in support to confront the effects of the war economy

The OPEC Fund for International Development announced today, Wednesday, the launch of a support package worth $1.5 billion to support developing countries in facing economic pressures resulting from disruptions in energy, commodity and trade markets following the war in Iran, according to what Reuters reported.

The Fund, which is based in Vienna, explained that the financing will be disbursed until 2028, according to a “demand-driven” mechanism, allowing governments to access financial resources according to their actual needs.

The Fund indicated that the package aims to support countries’ ability to deal with rising costs and secure supplies of basic commodities, including energy, food, and fertilizers, in light of the continuing pressures associated with global market fluctuations.