Latest news with #OFID
Observer
3 days ago
- Business
- Observer
Oman signs key financing deals at OFID Forum in Vienna
MUSCAT: The Sultanate of Oman has taken part in the 2025 Annual Forum of the Opec Fund for International Development (OFID), held in Vienna under the theme 'Transformation Empowering Our Future'. Oman's delegation, led by Abdullah bin Salim bin Abdullah al Harthy, Under-secretary of the Ministry of Finance, participated in discussions centred on sustainable development financing, economic transformation in developing countries, climate change resilience, and the role of digital innovation in fostering robust economies. On the sidelines of the forum, Al Harthy met with officials from OFID and other regional and international financial institutions to enhance cooperation. A significant outcome of Oman's participation was the signing of two key agreements with OFID. The first agreement will finance the implementation of the Khasab–Dibba–Lima Road Project (Sultan Faisal bin Turki Road), while the second is a five-year framework agreement aimed at deepening collaborative efforts between Oman and OFID. In addition, a separate financing agreement was signed with the Arab Fund for Economic and Social Development. The agreement supports the first phase of the Surface Water Drainage Project in the Rawdha Economic Zone, Al Buraimi Governorate. The project will provide comprehensive protection for tourism, industrial and agricultural sites by establishing an integrated system of open canals, flood barriers, and water harvesting ponds. These agreements reflect Oman's proactive approach to securing strategic infrastructure funding and reinforcing its long-term development goals. — ONA
Zawya
4 days ago
- Business
- Zawya
UAE participates in the 46th Ministerial Council meeting of the OPEC Fund for International Development in Vienna
Assessing progress in the implementation of the Fund's plans and projects Highlighting the challenges of the evolving global development landscape Exploring ways to enhance South-South cooperation Mohamed bin Hadi Al Hussaini: The flexibility of the OPEC Fund's development solutions is key to effectively adapting to global challenges Vienna: The United Arab Emirates, represented by the Ministry of Finance, participated today in the 46th session of the Ministerial Council of the OPEC Fund for International Development (OFID), held in Vienna, Austria. The UAE delegation was headed by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included Thuraiya Hamid Alhashmi, Director of the International Financial Relations and Organisations Department at the Ministry of Finance and Governor to the OPEC Fund for International Development, and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs and Alternate Governor to the Fund. The meeting discussed the OPEC Fund's Annual Report for 2024 and focused on evaluating the progress made in implementing the Fund's plans and projects. It also addressed the challenges posed by the rapidly evolving global development landscape, particularly in areas such as energy and food security, climate change, and the need to create sustainable job opportunities. Participants also discussed ways to strengthen South-South cooperation and build sustainable partnerships between the OPEC Fund and regional and international development finance institutions to enhance the efficiency of responses to beneficiary countries' needs. Flexible Development Solutions In his speech during the meeting, H.E. Mohamed bin Hadi Al Hussaini praised the tangible achievements made over the past year, which marked a milestone in the Fund's journey toward expanding its operations and enhancing its resilience and adaptability. He stated: 'This year marks the 49th anniversary of the OPEC Fund's founding, reflecting the strength of its founding vision and its pioneering role in promoting sustainable development across the Global South. Over the past year, the Fund has demonstrated outstanding institutional performance, driven by a clear approach under the 2030 Strategic Framework, enabling it to effectively respond to rapidly evolving conditions and deliver flexible and actionable development solutions across various sectors.' He added: 'We recognise that the global development landscape is undergoing significant changes, with governments across our regions facing multiple challenges—from food security and energy provision to climate change adaptation and job creation. Amidst these challenges, the pressure on the development finance system is growing at an unprecedented pace. In this context, the OPEC Fund can play a central role in supporting countries by advancing South-South cooperation and offering financial solutions that span a wide range of sectors and instruments, in addition to its strong global credibility.' Advancing Development Efforts The OPEC Fund for International Development is a multilateral development finance institution established in 1976. It works to strengthen cooperation between OPEC member countries and development partners from the Global South and the international development community. Its mission is to support sustainable social and economic progress in low- and middle-income countries worldwide, contributing to stability and prosperity in beneficiary countries by offering technical and financial assistance through concessional financing, grants, and development-focused aid across sectors such as agriculture, education, energy, health, and transport. Since its inception, the Fund has committed over USD 27 billion to support more than 4,000 development projects with a total estimated cost exceeding USD 200 billion across more than 125 countries.
