VIENNA, June 21, 2023 /PRNewswire/ — The second OPEC Fund Development Forum in Vienna concluded with strong results and financial commitments from development partners coming together to promote responses to global challenges such as availability of finance, security food and climate change.
OPEC Fund CEO Dr. Alkhalifa said: “In its second year, the OPEC Fund Development Forum once again provided a platform for further collaboration and decisive action from our partners. We have shown that we are ambitious and that we deliver. We remain steadfast committed to addressing pressing global issues and expanding our resources in support of sustainable development.”
Signings and announcements during the Development Forum included:
· The OPEC Fund signed a $20 million loan agreement with Access Bank Botswana to provide financial support to micro, small and medium-sized enterprises in the country. At least 30 percent of the funds will go specifically to women-owned small businesses and 70 percent will be used to provide loans to local businesses to facilitate their access to finance.
· The OPEC Fund signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilize funds for investments in renewable energy. The OPEC Fund plans to support the platform with sovereign and non-sovereign loan financing of up to $250 million through 2030 in support of projects in partner countries.
· The OPEC Fund and the United Nations World Food Program signed a cooperation agreement to intensify joint efforts to improve global food security and build climate-resilient food systems. The collaboration aims to scale up adaptation to address climate risks to food systems, promote innovative and climate-smart agricultural solutions, and accelerate progress towards Sustainable Development Goal 2 “Zero Hunger.”
· The OPEC Fund and the Asian Development Bank signed a joint financing agreement to support Thailand’s new economic model for sustainable development. The OPEC Fund’s $500,000 technical assistance grant will support strengthening the country’s biocircular green economy by helping to identify investment opportunities and promote growth in key sectors.
· The OPEC Fund published its first Development Effectiveness Report, a review of the impact of the institution’s projects and the results of its commitments, and its Annual Report, which presents its delivery in 2022 with 1.6 billion dollars committed in 48 projects.
Addressing global development challenges under the overarching theme “Boosting Resilience and Equity”, the Development Forum brought together government leaders, ministers from OPEC Fund member and partner countries, heads of Arab Coordination Group institutions, senior officials from multilateral development banks and international organizations, as well as representatives of the private sector. The event included panels on topics such as “Towards a transformative development model”, “Regional collaboration as a catalyst for scalable solutions” and “Implementation of policies and alliances that put people and planet first”. It also featured featured sessions on climate change and food security, providing a deeper understanding of the challenges and opportunities in critical areas and highlighting the need for innovative solutions and collaborative action.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides funding from member countries to non-member countries exclusively. The organization works cooperatively with partners in developing countries 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 clear purpose: to drive development, strengthen communities and empower people. Our work is people-centred, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly in relation to MSMEs), clean water and sanitation, health, and education. To date, the OPEC Fund has committed more than $24 billion to development projects in more than 125 countries with an estimated total cost of $190 billion. The OPEC Fund is rated AA / Outlook Stable by Fitch and AA, Outlook Positive by S
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