04 | THE ORGANIZATION – OUR NETWORK
OUR NETWORK Since inception in 1976, the OPEC Fund has always placed a special emphasis on cooperation and the institution has a proud history of mobilizing external resources through a network of global partners.
Working together with partner development institutions, governments and the private sector, the OPEC Fund targets key development priorities aligned with the Sustainable Development Goals (SDGs) through co-fi- nancing. Roughly three out of four operations are co-financed. The OPEC Fund’s structure allows it to swiftly respond to urgent challenges and join collaborative efforts, creating synergies, sharing knowledge and extending impactful financing where and when needed. A milestone was passed in 2024 with the signing of a Memorandum of Understanding and a Co-Financing Agreement between the OPEC Fund and the World Bank Group to enhance cooperation through closer coordination during the appraisal, co-financing and implementation of projects. More efficient preparatory work is likely to accelerate delivery. As in previous years the OPEC Fund reiterated its support for development cooperation not only through project financing, but also through increased presence and visibility in international and regional fora. The third OPEC Fund Development Forum in June in Vienna, Austria, attracted more than 450 participants from around the world under the overarching theme “Driving Resilience & Equity.” The Development Forum also served as the backdrop to the signing of a historical agreement under which Saudi Arabia provided a bridge loan to Somalia to clear its arrears with the OPEC Fund and become eligible again for OPEC Fund projects. Somalia fell into debt distress following decades of conflict and fragility in the early 1990s, but a comprehensive reform program under the Heavily Indebted Poor Countries (HIPC) initiative allowed the east African country to massively reduce its debt burden and regain fiscal headroom since 2023. The OPEC Fund also marked the 25th anniversary of the launch of its Private Sector department with a partner forum in June 2024. As a premiere the organization hosted the inaugural Climate Solutions Week in April 2024, convening experts from partner organizations, developing countries and the private sector. The event included the first partnership forum of the Nature Solutions Finance Hub together with the Asian Development Bank (ADB).
450 participants from around the world The third OPEC Fund Development Forum attracted more than
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