Latest news with #OPECFundforInternationalDevelopment
Saudi Gazette
2 days ago
- Business
- Saudi Gazette
Al-Jadaan commends OPEC Fund's flexible response to global market fluctuations
Saudi Gazette report RIYADH — Minister of Finance Mohammed Al-Jadaan commended the flexibility of OPEC Fund for International Development in responding to global market fluctuations, saying that this has ensured the continued flow of available resources to countries and communities in need. Addressing the 46th Meeting of the Ministerial Council of the Fund in Vienna, Al-Jadaan praised the Fund's vision and alignment of its operations with global development priorities, including the Sustainable Development Goals (SDGs) and food security, while maintaining its core focus areas. The Ministerial Council, as the OPEC Fund's highest governing body, convenes annually to approve the fund's audited financial statements, annual activity reports, and any other items submitted by the management. Al-Jadaan also addressed the OPEC Fund Development Forum. The events brought together leaders, ministers, and heads of multilateral development finance institutions to discuss ways to strengthen responses to global challenges. The opening session of the forum emphasized the vital role of inclusive, equitable, and sustainable transitions in global development, exploring how strategic finance, innovative policies, and global cooperation—particularly through South-South partnerships—can drive progress across key global frameworks. In his speech at the inaugural session of the forum, Al-Jadaan emphasized that energy security is not a luxury but a fundamental pillar for achieving development and inclusive growth. Its absence, he said, disrupts vital sectors such as healthcare, education, economic productivity, environmental sustainability, water extraction, and food security. He noted that the pursuit of more secure and diverse energy sources has become more urgent than ever amid escalating geopolitical tensions, market volatility, and increasing global energy demand. Al-Jadaan called for a strategic move toward energy diversification and increased investment in clean energy technologies, as well as emerging energy technologies, such as Carbon Capture, Utilization, and Storage (CCUS), and encouraged the adoption of innovative financing solutions to accelerate energy access and enhance long-term energy security. He also reaffirmed Saudi Arabia's commitment to working with all its partners to enhance energy security and eliminate energy poverty, while continuing efforts to combat climate change. 'We have set an ambitious target to generate 50% of our electricity from renewable sources by 2030 and achieve net-zero emissions by 2060, under the Circular Carbon Economy framework,' he said.
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.
Saudi Gazette
3 days ago
- Business
- Saudi Gazette
Al-Jadaan: Saudi Arabia is working with all to eradicate energy poverty
Saudi Gazette report VIENNA — Saudi Minister of Finance Mohammed Al-Jadaan said that multilateral development banks must provide concessional financing to accelerate the response to the needs of regions suffering from energy insecurity. During his speech at the inaugural session of the fourth Development Forum of OPEC Fund for International Development in Vienna on Tuesday, he emphasized that Saudi Arabia is working with everyone to enhance energy security and eradicate energy poverty, while continuing its efforts to combat climate change. Al-Jadaan praised the "My Mission 300" initiative, co-led by the World Bank and the African Development Bank, which aims to provide energy access to 300 million people in Africa by 2030, with significant contributions from partners such as the Islamic Development Bank and the OPEC Fund for International Development. Al-Jadaan also lauded the Forward 7 Clean Fuel Solutions for Food initiative, one of the Green Middle East initiatives announced by Saudi Arabia, which aims to provide clean fuel solutions to millions of people around the world. He pointed to cooperation with key partners in this sector, such as the OPEC Fund for International Development, the Islamic Development Bank, the World Bank, and the International Islamic Trade Finance Corporation. Al-Jadaan addressed the importance of reducing investment risks in the energy sector to stimulate private sector participation. "This can be achieved through a range of tools such as partial risk guarantees, political risk insurance, and blended financing structures," he said while emphasizing that these tools contribute to reducing expected risks and enhancing project bankability, especially in low-income or high-risk countries. Al-Jadaan called for increased investment in emerging technologies in the energy sector, such as carbon capture, utilization, and storage (CCUS), and the development of more sustainable uses of hydrocarbons such as gas. He noted that this contributes to addressing carbon emissions and ensuring energy security during the transition to net-zero. Al-Jadaan noted that the repercussions of energy poverty know no boundaries and affect all countries through economic instability, increased migration pressures, and increased humanitarian burdens. He stated that the Kingdom has set an ambitious goal of generating 50 percent of its electricity needs from renewable sources by 2030 and achieving net-zero emissions by 2060. This is within the framework of the circular carbon economy model. The Development Forum, under the theme "A transition that empowers our tomorrow," will spotlight inclusive growth, climate resilience and the power of South-South cooperation in advancing equitable and sustainable development. OPEC Fund President Abdulhamid Alkhalifa opened the Forum alongside President Mohamed Ould Ghazouani of Mauritania and Minister of Finance Mohammed Al-Jadaan. Senior government officials from across Africa, Asia, the Middle East, Latin American and the Caribbean, along with heads of multilateral institutions, are attending the forum aimed to drive solutions to some of the world's most pressing challenges.
Daily News Egypt
12-04-2025
- Business
- Daily News Egypt
Egypt seeks expanded OPEC Fund financing for private sector growth
Egypt is seeking increased financial support from the OPEC Fund for International Development to bolster the private sector and stimulate investment and employment, according to the Ministry of Planning, Economic Development and International Cooperation. The request was made during a meeting between Egypt's Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, and the Director-General of the OPEC Fund, Abdulhamid Alkhalifa, held on the sidelines of the annual meetings of Arab financial institutions in Kuwait. Al-Mashat expressed Egypt's appreciation for its longstanding relationship with the OPEC Fund, which she said was built on mutual commitment and efforts to support the country's sustainable development goals. She added that the collaboration reaffirmed the Fund's efforts to support development and achieve positive economic and social outcomes. Al-Mashat highlighted the importance of the private sector in achieving Egypt's sustainable development objectives, describing it as a vital driver of economic growth. She noted that the Egyptian government views private sector-led investments as crucial for enhancing the competitiveness of the Egyptian economy regionally and internationally. 'Egypt has a strong partnership with the fund, based on shared values in sustainable development, and clearly aligned with the Ministry of Planning, Economic Development and International Cooperation's vision to promote sustainable growth in Egypt, increase resource efficiency, and achieve economic development,' Al-Mashat said. According to Al-Mashat, the Egyptian government has implemented reforms to improve the investment climate and create an environment conducive to attracting capital and expanding the production base. She cited the 'State Ownership Policy Document' as an example, which aims to support ongoing economic reforms and enhance the role of the private sector by gradually exiting some sectors and providing opportunities for local and foreign investors. She added that the document also highlighted the importance of public-private partnerships (PPP) as an effective tool to promote private sector investments and increase their efficiency. Al-Mashat also noted that the government has implemented structural measures since 2014, regarding regulatory procedures and legislative structure, to create an environment conducive to attracting investments in renewable energy. During the meeting, Al-Mashat and Alkhalifa also discussed potential collaboration within the framework of the Hub for Advisory, Finance and Investments for Enterprises platform, which integrates services provided by development partners and private sector entities, including large, small, medium, and micro enterprises. The implementation of the 'NWFE' (Nexus on Water, Food and Energy) program was also addressed, with a focus on priority areas such as renewable energy, food security, and water resource sustainability. Alkhalifa affirmed the OPEC Fund's commitment to supporting development in Egypt and its priorities since 1976. He noted that the joint cooperation portfolio has reached approximately $1.4 billion, supporting around 60 projects across various sectors.
Zawya
07-04-2025
- Business
- Zawya
OPEC Fund approves over $600mln in new financing to strengthen connectivity, human capital, economic resilience
VIENNA: The OPEC Fund for International Development (OPEC Fund) has approved over US$600 million in new development financing to support sustainable infrastructure, private sector development, food security and human capital in partner countries across Africa, Asia, Latin America and the Caribbean. The new projects were approved during the institution's 191st Governing Board meeting in Vienna. The new commitments reflect the OPEC Fund's efforts to promote inclusive and resilient growth in line with its strategic priorities. OPEC Fund President Abdulhamid Alkhalifa said: 'These engagements are a significant demonstration of our commitment to building resilience and enabling inclusive development. From transport corridors to vocational training and financing small businesses the OPEC Fund is supporting practical solutions that align with our partners' priorities and deliver tangible results. We remain focused on driving sustainable development across regions and sectors.' The latest approved projects include public and private sectors in Costa Rica, Nepal, Rwanda, Senegal, Tanzania, Côte d'Ivoire, Democratic Republic of the Congo and Nicaragua.
