01 | THE HIGHLIGHTS – PARTNERSHIPS
PARTNERSHIPS
Deepening partnerships to combine forces The OPEC Fund concludes landmark agreements with the World Bank Group and the Inter-American Development Bank
The agreements, signed by OPEC Fund President Abdul- hamid Alkhalifa and World Bank Group President Ajay Banga, provide the basis for increasing cooperation in areas such as climate-friendly energy technologies, food security and regional infrastructure projects. Both insti- tutions reiterated their commitment to fostering regional cooperation and connectivity. Setting a new benchmark among multilateral devel- opment banks (MDBs) and supranational entities, the OPEC Fund and Inter-American Development Bank (IDB) executed an exposure exchange agreement (EEA) in April 2024 through a “synthetic” exchange of credit-risk expo- sure. This was the first time that the EEA instrument had been used beyond triple-A-rated MDBs. The OPEC Fund’s current rating is AA+ (December 2024).
In October 2024, the OPEC Fund and the World Bank Group signed a Memorandum of Understanding and a Co-Financing Agreement to enhance cooperation on key global development challenges and boost efficiencies in project implementation. The World Bank has traditionally been the OPEC Fund’s largest co-financing partner, with more than 230 projects by end-2024 for a total investment volume of US$38 billion in multiple sectors across the world. Building on this sound foundation, the Co-Financing Agreement marks an important step forward in delivering impactful and cost-effective projects through closer coor- dination during the appraisal, co-financing and implemen- tation of projects. More efficient preparatory work is likely to accelerate delivery.
OPEC Fund President Alkhalifa and World Bank Group President
IRENA Director-General La Camera and OPEC Fund President
Banga in Washington, DC, October 28, 2024
Alkhalifa confirming further cooperation
26
Powered by FlippingBook