01 | LANDMARKS – OPEC FUND DEVELOPMENT FORUM
• The Asian Development Bank and the OPEC Fund launched a trust fund to improve project readiness in developing countries.
• The International Renewable Energy Agency and the OPEC Fund signed a Memorandum of Understanding to facilitate access to innovative financing solutions, unlock investment and support project development. The overall aim is to promote renewable energy investment while enabling access to sustainable finance in developing countries.
• The OPEC Fund and the regional South American development bank FONPLATA signed a cooperation agreement to broaden and deepen their partnership.
• The OPEC Fund and the Republic of Kosovo signed a framework agreement for private sector operations with a focus on infrastructure, connectivity, energy and water.
In addition to the formal conference agenda, the Development Forum provided opportunities for networking and bilateral meetings. Taking stock OPEC Fund Director-General Dr. Abdulhamid Alkhalifa concluded: “One clear takeaway was the need for urgent, targeted and joint action in all crucial areas, particularly on energy access and climate change. We are very encouraged by the success and positive momentum generated at our Forum which provides the energy to move forward swiftly and forcefully.” Building on this commitment the OPEC Fund will hold its next Development Forum on June 20, 2023 in Vienna with the goal of establishing the event as a fixture in the international conference calendar. It serves as an opportunity to bring together member and partner countries with the international development community and functions as a springboard to the UN Climate Change Conference COP28, to be hosted for the first time by the OPEC Fund member country United Arab Emirates.
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