OPEC Fund joins relief effort in Venezuela with US$500,000 humanitarian grant

July 7, 2026: The OPEC Fund for International Development (the OPEC Fund) has approved a US$500,000 humanitarian grant to support the relief efforts following the devastating earthquake in its member country Venezuela. The funds will be channeled through the International Federation of Red Cross and Red Crescent Societies to the Venezuelan Red Cross, helping deliver emergency assistance to communities affected by the earthquake.

Venezuela was hit by two strong earthquakes measured at magnitudes 7.1 and 7.5 inflicting massive damage to infrastructure and buildings across the country and killing more than 3,300 people to date. The United Nations Development Programme estimates direct physical damage at US$6.7 billion, equivalent to around 6 percent of GDP.

OPEC Fund President Abdulhamid Akhalifa said:

"At this difficult time, our thoughts are with the people of our member country Venezuela. Our grant will send a message of solidarity as well as concrete means for urgently needed help."

Venezuela has been a member country of the OPEC Fund since the establishment of the institution in 1976. The US$500,000 grant is the first provided to the country, as member countries are eligible to OPEC Fund support only in exceptional cases of natural disaster.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$32 billion to development projects in over 125 countries. These projects represent a total value exceeding US$240 billion, equivalent to approximately US$7.50 mobilized for every US$1 committed by the OPEC Fund. The OPEC Fund is rated AA+/Outlook Positive by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.