Latest news with #OPECFund
Mid East Info
2 days ago
- Business
- Mid East Info
UAE Participates in the 46th Ministerial Council Meeting of the OPEC Fund for International Development in Vienna
Discussion on Building Sustainable Partnerships to Enhance the Efficiency of Responses to Beneficiary Countries' Needs 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 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.
Zawya
2 days ago
- Business
- Zawya
OPEC Fund Development Forum 2025 concludes with new commitments to accelerate global development impact
Highlights: Announcement of over US$1 billion new financing: OPEC Fund signs US$362 million new loan agreements during the Forum and announces approval of US$720 million in new financing in the second Quarter A Country Partnership Framework agreement with Rwanda earmarks US$300 million financing in the next three years At the high-level Mauritania roundtable hosted by the OPEC Fund, the Arab Coordination Group (ACG) announced a pledge of US$2 billion financing over the next 5 years to support Mauritania's development priorities. The fourth OPEC Fund Development Forum concluded today with a strong slate of new commitments, loan agreements and strategic partnerships to advance inclusive transition and sustainable development. The Forum brought together more than 700 global leaders, including government representatives, development institutions and private sector stakeholders, under the theme 'A Transition That Empowers Our Tomorrow'. The OPEC Fund announced some US$720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and saw the signing of US$362 million in new loan agreements. A new Trade Finance Initiative is set to secure vital supplies and help close trade-related liquidity gaps in partner countries. OPEC Fund President Abdulhamid Alkhalifa said: 'The OPEC Fund Development Forum reflects our conviction that partnerships must deliver results. Today we achieved tangible progress – with new signings, new partnerships and new approaches to help our partner countries turn ambition into action. Whether in energy, infrastructure, agriculture or finance, we are responding with solutions that make a difference.' As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada, and the Solomon Islands, expanding support for climate resilience and sustainable infrastructure. Deepening Country Partnerships for Long-term Impact New country-level agreements and cooperation frameworks include: A US$212 million loan agreement with Oman to finance the Khasab-Daba-Lima Road Project (Sultan Faisal bin Turki Road), improving local and regional connectivity, as well as a Country Partnership Framework (CPF) to strengthen cooperation over the next five years. A US$25 million loan agreement with Cameroon to strengthen the Rice Value Chain Development Project, supporting smallholder farmers and strengthening food security in vulnerable regions, in collaboration with the Islamic Development Bank (IsDB), Arab Bank for Economic Development in Africa (BADEA) and the Kuwait Fund. A CPF with Rwanda to allocate up to US$300 million in financing for 2025 – 2028, supporting the country's development priorities, including quality infrastructure, improved essential basic services and the promotion of entrepreneurship and the private sector. Other country partnership agreements included: Azerbaijan to support infrastructure, energy transition and sustainable development; Botswana to support infrastructure, renewable energy, innovation and digital transformation, as well as private sector export-led growth over the next three years; Grenada to build resilience through sustainable development initiatives; Kyrgyz Republic to increase cooperation in transport, water supply and sanitation, energy, agriculture and banking sectors; and Solomon Islands to expand engagement and increase cooperation including in the private sector. Scaling up Private Sector Support The OPEC Fund continues to prioritize private sector-led growth with targeted financing to financial institutions across Africa: In Côte d'Ivoire, a €30 million loan agreement with Coris Bank International Côte d'Ivoire and a €35 million loan agreement with NSIA Banque will facilitate access to finance for small and medium-sized enterprises (SMEs). A US$40 million loan agreement with the East African Development Bank (EADB) will boost economic investments across Kenya, Uganda, Tanzania and Rwanda, strengthening regional integration and inclusive growth. New Trade Finance Initiative At the Forum the OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps and strengthening resilience to external shocks in vulnerable economies. Advancing global cooperation The Forum also featured new agreements to deepen multilateral cooperation: A new cooperation agreement with the Central American Bank for Economic Integration (CABEI) will strengthen collaboration in infrastructure, energy and human development projects across the Latin America and Caribbean region. The OPEC Fund and the Islamic Organization for Food Security (IOFS) formalized a cooperation agreement to coordinate efforts on climate-resilient agriculture and sustainable food systems. A cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries. Ahead of the Forum, the OPEC Fund hosted the Annual Meeting of the Heads of Institutions of the Arab Coordination Group (ACG). Delegates participated in a high-level roundtable with the President of Mauritania, Mohamed Ould Ghazouani to strengthen development collaboration and mobilize investment flows to Mauritania. The roundtable resulted in an ACG joint pledge of US$2 billion financing over the next five years. This will be directed to vital sectors, including energy, water, transportation and digital infrastructure to stimulate economic growth. A dedicated Arab Donors Roundtable on the Sahel addressed strategies to mobilize greater support for the region's urgent challenges. It was organized by the Permanent Interstate Committee for Drought Control in the Sahel (CLISS) and sponsored by the OPEC Fund's partner institution, the Arab Bank for Economic Development in Africa (BADEA). 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$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and S&P Global Ratings. Our vision is a world where sustainable development is a reality for all.
Zawya
2 days ago
- Business
- Zawya
OPEC Fund commits $1bln in new financing for developing nations
The OPEC Fund For International Development has pledged to provide more than $1 billion in funding to Africa and developing countries elsewhere as part of a broader $2 billion pledge by Arab nations over the next five years. The fund, founded by the Organization of the Petroleum Exporting Countries to fund projects in non-OPEC member states, also laid out a new trade finance initiative to help countries secure imports and liquidity during periods of turmoil. It comes as the United States and a number of European countries reduce the amount of bilateral aid they provide to poorer countries around the world. The Vienna-based OPEC Fund announced on Wednesday around $720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and the signing of $362 million in new loan agreements. The agreements included a $300 million plan for Rwanda over the next three years as well as programmes worth $65 million and $40 million, respectively, in Ivory Coast and for the Uganda-based East African Development Bank. There was also a cooperation agreement with the Central American Bank for Economic Integration for infrastructure, energy and human development projects and the formalisation of a tie up with the Islamic Organization for Food Security on climate-resilient agriculture. The OPEC Fund hosted the annual meeting of the heads of institutions of the Arab Coordination Group (ACG) this week. The roundtable resulted in an ACG joint pledge of $2 billion financing over the next five years. A dedicated Arab Donors Roundtable on the Sahel also discussed greater support for the region's urgent challenges such as drought.
Reuters
2 days ago
- Business
- Reuters
OPEC Fund commits $1 billion in new financing for developing nations
NAIROBI, June 18 (Reuters) - The OPEC Fund For International Development has pledged to provide more than $1 billion in funding to Africa and developing countries elsewhere as part of a broader $2 billion pledge by Arab nations over the next five years. The fund, founded by the Organization of the Petroleum Exporting Countries to fund projects in non-OPEC member states, also laid out a new trade finance initiative to help countries secure imports and liquidity during periods of turmoil. It comes as the United States and a number of European countries reduce the amount of bilateral aid they provide to poorer countries around the world. The Vienna-based OPEC Fund announced on Wednesday around $720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and the signing of $362 million in new loan agreements. The agreements included a $300 million plan for Rwanda over the next three years as well as programmes worth $65 million and $40 million, respectively, in Ivory Coast and for the Uganda-based East African Development Bank. There was also a cooperation agreement with the Central American Bank for Economic Integration for infrastructure, energy and human development projects and the formalisation of a tie up with the Islamic Organization for Food Security on climate-resilient agriculture. The OPEC Fund hosted the annual meeting of the heads of institutions of the Arab Coordination Group (ACG) this week. The roundtable resulted in an ACG joint pledge of $2 billion financing over the next five years. A dedicated Arab Donors Roundtable on the Sahel also discussed greater support for the region's urgent challenges such as drought.
Zawya
2 days ago
- Business
- Zawya
OPEC Fund provides $212mln loan to Oman for Khasab-Daba-Lima Road project
The OPEC Fund for International Development (OPEC Fund) has signed a $212 million loan agreement with Oman to finance the Khasab-Daba-Lima Road Project (Sultan Faisal bin Turki Road) in the Musandam Governorate. The agreement constitutes the second tranche of a total approved loan of $392 million for the project. In October 2024, the Fund had signed a $180 million loan agreement as first tranche in support of the project. The Khasab-Daba-Lima Road Project comprises a two-lane single carriageway asphalt road, spanning approximately 70 km, between the cities of Khasab, Daba, and Lima, facilitating better access to markets and ensuring safer transport of goods and people. (Writing by P Deol; Editing by Anoop Menon) (
