OPEC Development Fund raises $1 billion in the sale of the first-ever bonds
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The OPEC Fund for International Development raised $1 billion by selling its first-ever bonds. The money will be directed to food security, health care, education.
According to the agency Reuters, most of the securities (62%) were bought by the central banks of the countries of the Middle East, Europe and Asia, 19% – by commercial banks. Everything else is asset management companies, insurance and pension funds.
Geographically, 52% of buyers were from Europe, the Middle East and Africa, 27% from Asia-Pacific, 21% from North America. Initially, it was planned to sell the bonds in 2022, but this was prevented by rising interest rates caused by inflation and the conflict in Ukraine.
The fund was created by the governments of OPEC member countries almost 50 years ago. The created organization invests only in countries that are not members of the oil cartel.
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