EVENTS
Financial Afrik Award, Côte d’Ivoire
Harnessing African opportunity
Visiting the continent, OPEC Fund President Alkhalifa hails its immense potential
P resident Abdulhamid Alkhalifa visited Côte d’Ivoire and Mauritania in late January, demonstrating the OPEC Fund’s commitment to the continent. “The opportunities are immense but there are also significant challenges to overcome,” he said during a panel discussion at the Financial Afrik Award event in Abidjan, the capital of Côte d’Ivoire, hosted by the Arab Bank for Economic Development in Africa (BADEA).
Africa is the largest region of operations for the OPEC Fund, representing more than half its portfolio. Moving ahead the goal is now to “focus on using innovative strategies to bridge markets and mobilize capital for sustainable growth,” said President Alkhalifa. Recent innovative financing in Africa by the OPEC Fund has seen the introduction of sustainability-linked loans where credit conditions rely on the fulfilment of pre-agreed ESG targets.
Economy and Finance Sid’Ahmed Ould Bouh and other government officials. The deepening of the cooperation was sealed with the signing of a landmark Country Partnership Framework Agreement to cooperate in key development initiatives during the period 2025-2027, earmarking US$120 million in new development financing for the country’s strategic priorities. The OPEC Fund will finance critical projects that contribute to projects promoting renewable energy, clean water, food security, improved transport and clean cooking. In addition, the OPEC Fund pledged to provide up to US$500,000 in grants for capacity-building, project preparation and technical assistance.
President Alkhalifa also emphasized the power of
cooperation and highlighted the increased regional role of the Arab Coordination Group (ACG), citing a joint US$50 billion pledge for infrastructure, a US$24 billion pledge for climate finance, a US$10 billion food security pledge and, most recently, a US$10 billion pledge to combat desertification. Bilateral meetings in Abidjan provided a welcome opportunity to deepen relations with the Ivorian
authorities, as did subsequent meetings in Nouakchott, the
capital of Mauritania, where the OPEC Fund delegation met Prime Minister El Moctar Ould Djay, Minister of
Abdulhamid Alkhalifa, President, OPEC Fund, and Sid’Ahmed Ould Bouh, Minister of Economy and Finance of Mauretania
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Photo: OPEC Fund
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