SPOTLIGHT
OPEC FUND DEVELOPMENT FORUM 2023: “IT CAN BE DONE” Second conference in Vienna discussed ways to strengthen resilience and sustainability in the face of global volatility By Axel Reiserer, OPEC Fund
A world of instability needs strong institutions, with a clear sense of purpose and the commitment and capacity to deliver on their mandates. The second OPEC Fund Development Forum, held on June 20, 2023 in Vienna saw widespread agreement that development institutions must raise their game in the face of challenges such as climate change, food insecurity and rising poverty. “What is needed
The Development Forum brought together the heads of the Islamic Development Bank (IsDB), Muhammad Al Jasser, the African Development Bank (AfDB), Akinwumi Adesina, and the French Development Agency (AFD), Rémy Rioux, as well as senior representatives of OPEC Fund member and partner countries, multilateral development banks (MDBs), businesses and opinion leaders. In her keynote address Frannie Léautier, CEO of SouthBridge Investments, called for a reform of the MDB system: “We need to redefine risk, use callable capital to lift the headroom for MDB financing and develop innovative partnerships between the public and the private sector.” She welcomed the current reform process at the World Bank, which is followed by many other
In the opening panel, the heads of institutions responded to her observations. The OPEC Fund Director- General said: “Our overriding goal is to ensure that we use capital as efficiently as possible to deliver the greatest good for our partners.” AfDB President Adesina spoke of a US$5 trillion financing gap and warned: “We will not be able to provide anywhere near what is needed without the private sector.” IsDB Group Chairman Al Jasser emphasized that the energy transition is needed, but “if it is not just, it will fail”. Looking ahead to the Summit for a New Global Financing Pact in Paris, AFD CEO Rioux said: “The technicalities are clear. For real progress we need political leadership.” Among the political leaders who spoke at the conference in Vienna’s Palais Liechtenstein were the Prime Minister of Bhutan, Lotay Tshering, and the Minister of Finance of Saudi Arabia, Mohammed Al-Jadaan. While the Prime Minister underlined Bhutan’s efforts to build resilient and sustainable
is a transformation of development finance,” OPEC Fund Director- General Abdulhamid Alkhalifa said in his opening remarks.
international and regional development institutions. “The time is now,” Léautier said.
Abdulhamid Alkhalifa, OPEC Fund Director-General
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