SPOTL IGHT
Mohammed Aljadaan, Minister of Finance of Saudi Arabia
Carlos Manuel Vila Nova, President of São Tomé and Príncipe
The V2V Compact won immediate recognition. The President of São Tomé and Príncipe, Carlos Manuel Vila Nova, announced in his opening address that his country was joining the effort. Panama, the Democratic Republic of the Congo and the Central African Republic are considering the same, according to Prime Minister Mottley. Among those supporting the Compact, the OPEC Fund is joined by 15 development finance institutions. Work is underway to operationalize the initiative. A white paper outlining practical implementation mechanisms is scheduled for release during the Annual Meetings of the World Bank Group and the International Monetary Fund in Bangkok in October 2026. Designed as an open platform, the V2V Compact will continue to expand over time. Additional development finance institutions are invited to join the initiative and align support behind country-led priorities to increase access to affordable finance and deliver development results at scale. Reflecting on the OPEC Fund’s 50 years of expertise in development, President Alkhalifa set out his vision for the future: “The next phase of
development will be to find integrated solutions. The challenges we are facing require approaches that go beyond providing finance but also must include access to systems and institutions.” The Minister of Finance of Saudi Arabia, Mohammed Aljadaan, outlined three priorities for development work: Strengthening resilience, working in partnerships and respecting country ownership. The opening session was followed by four panel discussions focused on how countries can navigate a changing development landscape while continuing to invest in growth, opportunity and essential services. Held under the theme “A Transition That Empowers Our Tomorrow,” the 2026 OPEC Fund Development Forum was both a Golden Jubilee milestone and a working lab for the next chapter of development action. The event unveiled the OPEC Fund’s US$1.5 billion Digital Transformation Action Plan, which will guide investments in digital infrastructure, systems and applications in partner countries through 2030. The plan establishes digital transformation as a third cross-cutting priority of the OPEC Fund, alongside climate action and food security.
“Economic growth and the creation of jobs cannot happen without secure, clean, reliable and affordable water.” Anna Bjerde, Managing Director of Operations, World Bank Group
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