04 | THE ORGANIZATION – OUR NETWORK
Development work is not only about funding. It also needs clear rules and regulations. The General Counsels of the World Bank Group, Asian Devel- opment Bank (ADB), European Bank for Reconstruction and Development (EBRD), Multilateral Investment Guarantee Agency (MIGA), Bank for Interna- tional Settlements (BIS), Caribbean Development Bank (CDB), CAF – Devel- opment Bank of Latin America and the Caribbean, East African Development Bank (EADB), West African Development Bank (WADB) and more than 100 senior legal experts came together at the OPEC Fund in October 2024 for a two-day conference to discuss “The Changing Development Landscape.” In May, the OPEC Fund — together with the International Finance Corpo- ration (IFC) — organized the “2024 Private Sector Integrity Meeting,” attracting 25 multilateral development banks and international financial insti- tutions to the two-day event. Participants discussed, among others, how to harness artificial intelligence and other innovative technologies to work more efficiently and more integrated across partner organizations. As in previous years, OPEC Fund President Abdulhamid Alkhalifa led the external representation of the institution and participated, among others, in the World Bank/International Monetary Fund Spring and Annual Meetings, the UN Climate Change Conference (COP29) in Baku, Azerbaijan, the UN Conference to Combat Desertification (COP16) in Riyadh, Saudi Arabia, the Annual Meeting and Golden Jubilee of the Islamic Development Bank (IsDB), the 50th anniversary of the Arab Bank for Economic Development in Africa (BADEA), the 60th anniversary of the African Development Bank (AfDB), the 2024 World Governments Summit in Dubai and many more. Senior representatives of the OPEC Fund also attended the EBRD Annual Meeting in May in Yerevan, Armenia, and of the Asian Infrastructure Invest- ment Bank (AIIB) in Samarkand, Uzbekistan, in September. A bilateral visit to Kazakhstan, featuring a roundtable with representatives of the Arab Coor- dination Group (ACG) and the government of the Central Asian republic, provided an opportunity to explore new options for cooperation in the country and the region. The OPEC Fund also signed its first contribution to the Energy Transition Accelerator Financing (ETAF) Platform of the International Renewable Energy Agency (IRENA) and a cooperation agreement with the UN’s Inter- national Fund for Agricultural Development (IFAD) in line with its priority themes climate action and food security. In humanitarian aid the OPEC Fund provided a US$500,000 emergency grant to Nigeria in the aftermath of heavy floods in October, which resulted in unprecedented devastation. The grant financed basic needs such as shelter, health and protection and was channeled through the International Federation of Red Cross and Red Crescent Societies.
The OPEC Fund provided a
emergency grant to Nigeria in the after- math of heavy floods in October US$ 500,000
The OPEC Fund signed its first contribution to the Energy Transition Accelerator Financ- ing Platform launched by the International Renewable Energy Agency.
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