EVENT: Morocco mission
Recognition for the OPEC Fund’s role in the South Helwan power plant in Egypt, a transformative project for the country and the region OPEC FUND WINS ARAB FINANCIAL INSTITUTIONS’ DEVELOPMENT AWARD H igh recognition for the OPEC Fund: The institution was awarded
challenges. In his keynote address King Mohammed VI of Morocco warned delegates of the pitfalls posed by a “climate of instability and uncertainty”. To counteract the present dangers, “we clearly need to continue pooling Arab development efforts, adapt development strategies and programs, and make sure they fulfil the aspirations and needs of Arab citizens, especially our youth,” he warned. Echoing this appeal the OPEC Fund Director-General engaged in bilateral meetings and participated in public discussions. Speaking at a roundtable on “Climate Finance to Achieve Sustainable Transformation” he outlined the OPEC Fund’s approach and activity in addressing the twin challenges of climate change and energy access. Bilateral meetings included conversations with Sultan bin Salim Al Habsi, Minister of Finance of Oman, Nadia Fettah Alaoui, Minister
below left, said: “The award reflects the importance of the project and the efforts that Egypt is making with development partners from Arab institutions to develop infrastructure, especially in the energy sector and to enhance its electricity capabilities and provide needed exports to neighboring countries.” The US$1.5 billion South Helwan power plant is being financed by the OPEC Fund, the Arab Fund for Economic and Social Development, the Kuwait Fund for Arab Economic Development, the Islamic Development Bank and the International Bank for Reconstruction and Development, a subsidiary of the World Bank Group. The facility is run 95 percent on clean natural gas and provides vital economic sectors as well as private households with electricity. The award was presented for the first time and honors the achievements of Abdul Latif Youssef Al-Hamad, a pioneer of Arab development work through his roles at the Kuwait Fund for Arab Economic Development and later the Arab Fund for Economic & Social Development. OPEC Fund Director- General Alkhalifa paid tribute to Mr. Al- Hamad with the words: “He has shaped the lives – and destinies – of millions across the Arab world during more than half a century of service.”
the Abdul Latif Youssef Al-Hamad Development Award for its role as co-financier of the 1.95 GW South Helwan power plant in Egypt. Director- General Abdulhamid Alkhalifa accepted the award on behalf of the OPEC Fund in April and said: “This project is an excellent example of what the international development community can deliver when we join forces to mobilize technical and financial support.” The award ceremony took place during the Annual Meetings of the Arab Financial Institutions in Morocco. Top representatives of the Arab Fund for Economic and Social Development, the Arab Monetary Fund, the Arab Bank for Economic Development in Africa, the Arab Investment and Export Credit Guarantee Corporation, the
Arab Authority for Agricultural Investment and Development and the Council of Arab Finance Ministers convened in the capital Rabat for institutional meetings and informal contacts. Discussions were dominated by the uncertain outlook for the
of Economy and Finance of Morocco, and Rania Al- Mashat, Egypt’s Minister of International Cooperation. Speaking at the prize ceremony Ms. Al-Mashat,
Rania Al-Mashat, Egypt's Minister of International Cooperation
global economy given the multitude of current
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