OPEC Fund commits $27 billion to support 4,000 development projects in 125 countries

The OPEC Fund for International Development (OFID) has committed a $27 billion to support 4,000 development projects in over 125 countries since its inception, highlighted Dr. Abdulhamid Alkhalifa, OFID Director-General.

In 2023, funding reached a record $1.7 billion through 55 projects worldwide, bolstering initiatives promoting social and economic resilience and sustainable growth.

"The UAE has played a significant role in supporting the fund since its establishment in 1976, contributing as an OPEC member state in the fund's initiatives and projects aimed at promoting sustainable development globally," Dr. Alkhalifa said in statements to the Emirates News Agency (WAM) during the World Governments Summit (WGS).

He lauded the UAE's unwavering commitment to mobilising significant funding and its focus on energy transition aligns with efforts to support sustainable development and other strategic alliances.

Regarding the role of the World Governments Summit in stimulating international cooperation and envisioning the future of governments and governmental work, the OFID Director-General said that the summit seeks to enhance international cooperation, serving as an ideal platform to enhance partnerships by bringing together international organisations, decision-makers, experts, and innovators.

Underscoring the WGS' crucial role in fostering international cooperation and envisioning the future of governance, Dr. Alkhalifa lauded the platform's ability to convene international organizations, decision-makers, experts, and innovators to strengthen partnerships.

He recognised the summit's immense value in facilitating discussions on governmental processes, policies, and future trends, aiming for concerted efforts towards achieving comprehensive and sustainable development.

Dr. Alkhalifa concluded, "We look forward to exchanging ideas with our counterparts and finding appropriate solutions to global challenges."

The OPEC Fund for International Development, founded in 1976, is a multilateral development finance institution. Its membership comprises 12 countries: the UAE, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela. The organisation collaborates with the global community to stimulate economic growth and social progress in low- and middle-income countries worldwide.

WAM