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OPEC Fund Director-General Alkhalifa hails “ground-breaking global development assistance”
T he Kuwait Fund for Arab Economic Development marked its 60th anniversary in December and as a long-standing partner the OPEC Fund joined the congratulations. In his message OPEC Fund Director-General Abdulhamid Alkhalifa praised the Kuwait Fund for “delivering ground-breaking global development assistance.” As the first Middle East institution in international development the Kuwait Fund “has helped inspire and pave the way for numerous organizations,” he wrote. The two organizations have been working together since the establishment of the OPEC Fund in 1976 and today can look back on a proud track-record: To date, the partnership has spanned 110 development operations, primarily in transportation, water and sanitation, energy and agriculture, where US$3.23 billion in joint co- financing has contributed to an estimated total project value of US$8.6 billion. Thanks to Kuwait’s generous contribution, the OPEC Fund’s private sector and trade financing window has benefited more than 350,000 micro-, small- and medium-sized enterprises in countries around the world. At the same time, the OPEC
Fund has provided over 2.4 million children with access to education. Never an institution to rest on its laurels, the Kuwait Fund energetically embraced the adoption of the United Nation’s 2030 Agenda for Development and the 17 Sustainable Development Goals. The Kuwait Fund and the OPEC Fund are fully committed to make those goals cornerstones of their work and cooperation with development partners. They are also closely aligned as members of the Arab Coordination Group (ACG), a major financier of development cooperation and key player in south-south cooperation comprised of ten Arab national and regional institutions. However, recent events have forced the international community to focus on the COVID-19 pandemic, which is not only an imminent threat to public health, but also affects low-income countries particularly hard and threatens the economic recovery. As part of a total US$10 billion commitment made by ACG members including the Kuwait Fund, the OPEC Fund quickly implemented a US$1 billion framework toward COVID-19 impact and recovery efforts in developing countries, nearly all of which has now been committed.
ABOUT THE KUWAIT FUND To date, the partnership between the OPEC Fund and the Kuwait Fund has spanned 110 development operations, primarily in transportation, water and sanitation, energy and agriculture, where US$3.23 billion in joint co-financing has contributed to an estimated total project value of US$8.6 billion.
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