EVENTS
Arab-DAC Dialogue in Kuwait
Summit of Arab Financial Institutions
R eviving the 2030 Agenda for Sustainable Development in the face of political headwinds and financial shortfalls was the key topic of the Arab-DAC Dialogue in Kuwait in May. OPEC Fund President Alkhalifa spoke on a panel on “Accelerating the mobilization of development finance for climate action” and presented the OPEC Fund’s manifold e ff orts. The Arab-DAC Dialogue is a forum that brings together members of the Arab Coordination Group (ACG) and the OECD Development Assistance Committee (DAC). This year’s meeting in Kuwait was also joined by senior representatives of the World Bank, IMF, G20 and EU. President Alkhalifa emphasized: “Partnerships are key. Together we can multiply our volumes, but also our impact.” There is a clear need to accelerate action. According to the OECD, developing countries require some US$1.7 trillion annually for renewable energy investments, but only attracted US$544 billion in clean energy foreign direct investment in 2022. The meeting also served as preparation for the upcoming UN climate change conference COP29, to be hosted by Azerbaijan in November 2024. President Alkhalifa said: “The key to a successful partnership is to leverage own resources, mobilize external funding and maximize impact where it is needed the most.”
H osted by the government of Egypt in the New Administrative Capital, 50km east of Cairo, Arab financial
Rania Al-Mashat, Minister of International Cooperation, Egypt
institutions and organizations came together in late May for their annual summit. During the meetings, the operational performance and achievements of the Arab institutions over the past year were reviewed, the annual reports and financial statements for 2023 were approved and development plans and strategies supporting the enhancement of joint Arab work were examined.
On the sidelines of the event OPEC Fund President Alkhalifa also met with Egypt’s Minister of International Cooperation, Rania Al-Mashat, Morocco’s Minister of Economy and Finance, Nadia Fettah Alaoui, and Kuwait’s Minister of Finance, Anwar Al-Mudhaf. He expressed satisfaction with the support Arab development finance institutions are delivering, especially in the framework of the Arab Coordination Group.
U nder the banner “Africa’s Transformation, the African Development Bank (AfDB) Group, and the Reform of the Global Financial Architecture”, the institution marked its 60 th anniversary with a conference
African Development Bank at 60
commitment will help build resilient and inclusive societies on the African continent, which we believe are the key drivers of sustainable development.”
in Nairobi. OPEC Fund head Alkhalifa met with AfDB President Akinwumi Adesina and had bilateral meetings focused on the OPEC Fund’s promotion of clean cooking. A panel discussion on “Leveraging the
MDBs’ Reform Agenda for Africa’s Structural Transformation” provided an opportunity to present the OPEC Fund’s contribution to bridging the development finance gap in Africa. President Alkhalifa said: “Africa is central to the OPEC Fund’s activities and mandate.” Emphasizing the commitment to collaboration he added: “Our collective
AfDB President Adesina meets the OPEC Fund
Development partners of the world, unite!
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