Opec Fund allocates $1.5bn to overcome economic shocks

The Opec Fund for International Development (Opec Fund) has launched a $1.5 billion programme to support partner countries in coping with rising economic pressures linked to energy, commodity and trade disruptions.

The initiative, called E-Star, will allocate the financial support from 2026 to 2028, the Opec Fund said in a statement on Wednesday.

E-Star will provide rapid support to countries, helping them maintain essential services, secure critical imports, protect development progress and strengthen resilience against future shocks.

“The initiative was designed to respond quickly and where it matters most,” said Opec Fund president Abdulhamid Alkhalifa.

“At a time of uncertainty, this is about delivering practical support and reinforcing partnership.”

The Iran conflict has intensified pressures on global energy, commodity and trade markets, leading to inflation, higher import costs and tighter financing conditions. 

These pressures are already straining budgets, trade balances and growth prospects of many developing economies. The most vulnerable countries also risk undermining economic stability and disrupting access to essential goods.

The latest initiative builds on the Opec Fund’s food security action plan – launched in response to global food security pressures following the war in Ukraine – which delivered $1 billion in support between 2022 and 2024.

The Opec Fund was established in 1976 and has committed more than $32 billion to date for development projects in more than 125 countries.

Its website shows the UAE and Iran are among its 12 members. 
The UAE announced on Tuesday it is leaving Opec and Opec+, in a major blow to the global oil producers’ alliances. 

Further reading:

• UAE’s Opec exit deepens Gulf rift as war reshapes energy order
• Opec+ to raise output but wary of attacks on facilities
• Opec Fund allocates $600m for development projects