INTERNATIONAL LEGAL CONFERENCE
Violet George, General Counsel, OPEC Fund “ Collaboration helps in solving development challenges”
OPEC Fund Quarterly : Why is it important for MDBs to collaborate in general – and share legal knowledge in particular – in support of the 2030 Agenda? Violet George: Essentially there’s no one MDB that can finance all the projects or solve the current development challenges so MDBs need to collaborate to achieve our objectives. When we collaborate, we make it easier for our partner countries – in terms of synergies, in terms of costs, or just their ability to work with us as a group – rather than having to follow the policies of each and every one of the different organizations. So whenever we have the opportunity to collaborate, it helps in solving development challenges faster and more cost effectively and efficiently as well.
OFQ : Beyond events like this, how is the OPEC Fund partnering up for the Sustainable Development Goals (SDGs)? VG: Events like this are important because they facilitate knowledge sharing and the exchange of ideas. We can see what others are doing and learn lessons. But even outside this conference, we continue to engage virtually and brainstorm on legal questions and challenges. We are constantly sharing knowledge and benchmarking amongst our organizations.
Julian Jackson, Assistant General Counsel,
OFQ : What has been the most important challenge – and lesson learned – for your institution and focus regions in recent years? JJ: A challenge for IFC has been how to meet the ambitious aspirations of the Paris Agreement. A great example of collaboration is the development of the Joint MDB Methodological Principles. IFC has implemented those shared principles. One part of that is finding realistic, yet meaningful, ways to encourage borrowers to be ambitious about reducing greenhouse gas emissions and operating more sustainably. With respect to Paris International Finance Corporation “We cannot continue on the path of ‘business as usual’ ”
OPEC Fund Quarterly : How has your institution accelerated action or changed course since the Marrakech G20 meeting? Julian Jackson: The 2023 Marrakech meeting signaled a change in mood: donor countries recognized that if we’re going to achieve the SDGs, we’re going to have to enhance the way we operate. The challenges facing the developing world are so huge that we cannot meet them by continuing on the path of “business as usual”. MDBs have tended to approach our work individually. Now the G20 have called on us to operate as a system, which means we have to try to collaborate more deliberately and more effectively. That could mean collaborating at a policy level, e.g. by harmonizing policies, or working more efficiently – for example by avoiding duplication of efforts or identifying priority areas in a more systemic way. And of course, lawyers play a key role by advising the board and management, and by helping create mechanisms and structures that facilitate the tools that are necessary for collaboration.
OFQ : IFC is focusing on the private sector. Are there any particular oppor- tunities and challenges you are facing? JJ: To invest on private sector terms in the most challenging markets means we have to be creative about ways to manage risk and develop sound structures to convene financiers. We are stretching our balance sheet to be able to do more in that regard. We are also looking for innovative
ways of using capital as efficiently as possible. We are focused on mobilizing more private capital and tapping into the capital markets.
Alignment generally, I think the MDBs have come a long way in a very short time. In large part that’s down to collaborating and learning from each other.
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