04 | THE ORGANIZATION – ABOUT THE OPEC FUND
MISSION STATEMENT
In the framework of the Arab Coordination Group — a strategic alliance of national and regional development finance funds — the OPEC Fund is able to mobilize substantial amounts as demonstrated in 2023 with a US$50 billion help pledge to help build resilient infrastructure and inclusive societies in the African continent and a seven-point strategy to address the global climate crisis with US$10 billion package. In its approach, the OPEC Fund combines addressing long-term chal lenges and responding to short-term emergencies and humanitarian crises. Food security and climate action are now treated as cross-cutting themes that cut across all sector activities of the OPEC Fund. This holistic view allows for a multi-vectorial approach from project finance to policy engagements and knowledge sharing. Strengthening its effectiveness and deepening its impact are core objectives of the OPEC Fund. Governance in line with international best practice is as much an essential part of this policy as is the step-by-step rollout of the development effectiveness framework throughout the project cycle. The OPEC Fund’s dedicated Environmental, Social and Governance Policy sets out the principles and efficient application in concept approval, project submission and loan effectiveness. The policy, ap- proved in May 2023, moves the OPEC Fund an important step closer towards the delivery of the Sustainable Development Goals in line with our vision and mission.
Our mission is to drive development, strengthen communities and empower people.
57
Powered by FlippingBook