OPEC FUND DEVELOPMENT FORUM
With more than 450 participants from around the world, the third OPEC Fund Development Forum in June 2024 attracted a distinguished turnout. Under the overarching theme “Driving Resilience & Equity,” heads of state, government ministers, representatives of the development community, global business leaders and many other partners met in Vienna, Austria to discuss how to progress delivery of the Sustainable Develop- ment Goals (SDGs). The conference focused attention on crucial areas such as SDG 1 – No Poverty by way of a roundtable for Sierra Leone that the OPEC Fund organized to mobilize investments for renewable energy and agriculture in the west African country, which was represented by its President Julius Maada Bio. On this occasion the OPEC Fund announced its intention to earmark US$250 million until 2030 in support of projects for energy access and transition as well as food security.
debt with the OPEC Fund and restart operations in the east African country. The transaction was aligned with the IMF/World Bank Heavily Indebted Poor Countries (HIPC) initiative. Saudi Arabia provided a US$36 million bridge loan, which allowed the OPEC Fund to issue its debt relief package consisting of one HIPC loan and two grants. The OPEC Fund also launched a new Island Resilience Facility, underscoring its commitment to supporting Small Island Developing States (SIDS) in addressing climate change and strengthening resilience. A coop- eration agreement with the Organisation of Eastern Caribbean States (OESC), an intergovernmental body supporting sustainable development, will ramp up collaboration to boost climate resilience in the region. The International Renewable Energy Agency (IRENA) and the Arab Bank for Economic Development in Africa (BADEA) joined the OPEC Fund’s Climate Finance and Energy Innovation Hub. The facility is also supported by SEforALL and the United Nations Industrial Development Organization (UNIDO).
The OPEC Fund entered into a three-way arrangement with its member country Saudi Arabia to clear Somalia’s
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