UAE Delegation Attends 46th Ministerial Council Meeting Of OPEC Fund For International Development In Vienna

The UAE, through its Ministry of Finance, took part in the 46th session of the Ministerial Council of the OPEC Fund for International Development (OFID) in Vienna, Austria. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, led the delegation. Thuraiya Hamid Alhashmi and Hamad Issa Al Zaabi were also part of the team.

The meeting focused on reviewing the OPEC Fund’s Annual Report for 2024. Discussions centred on assessing progress in implementing plans and projects. Key challenges such as energy and food security, climate change, and sustainable job creation were addressed. Participants explored ways to enhance South-South cooperation and build partnerships with development finance institutions to better meet beneficiary countries' needs.

Established in 1976, the OPEC Fund for International Development is a multilateral finance institution. It aims to boost cooperation between OPEC member countries and partners from the Global South and international development communities. The fund supports sustainable social and economic progress in low- and middle-income countries worldwide.

Mohamed bin Hadi Al Hussaini highlighted significant achievements over the past year during his speech at the meeting. He noted that these accomplishments marked a milestone in expanding operations and enhancing resilience. "This year marks the 49th anniversary of the OPEC Fund’s founding," he stated, emphasizing its pioneering role in promoting sustainable development across the Global South.

Al Hussaini acknowledged that global development is undergoing significant changes. Governments face challenges like food security, energy provision, climate change adaptation, and job creation. He remarked that these issues are increasing pressure on the development finance system at an unprecedented pace.

The OPEC Fund has committed over US$27 billion since its inception to support more than 4,000 projects globally. These projects have a total estimated cost exceeding US$200 billion across over 125 countries. The fund provides technical and financial assistance through concessional financing, grants, and aid focused on sectors like agriculture, education, energy, health, and transport.

Strengthening South-South Cooperation

Al Hussaini stressed that amidst these challenges, the OPEC Fund can play a central role by advancing South-South cooperation. It offers financial solutions across various sectors with strong global credibility. "The Fund has demonstrated outstanding institutional performance," he added, highlighting its clear approach under the 2030 Strategic Framework.

The meeting underscored the importance of building sustainable partnerships between the OPEC Fund and regional and international development finance institutions. This collaboration aims to enhance responses to beneficiary countries’ needs effectively.

The discussions at this session reflect ongoing efforts to adapt to rapidly evolving global conditions while delivering flexible development solutions across different sectors.

With inputs from WAM