THE OPEC FUND IN THE WORLD
World Bank mission takes OPEC Fund to new level of cooperation
World Bank– IMF Annual Meetings
Signing of Co-Financing Framework Agreement will boost joint activities
T he OPEC Fund concluded its participation in the 2024 World Bank-IMF Annual Meetings with robust new financing commitments, signing loan agreements totaling nearly half a billion dollars with partner countries. These agreements underscored the OPEC Fund’s commitment to advancing global development goals, including climate resilience, energy transition, sustainable agriculture and socio-economic empowerment.
President Abdulhamid Alkhalifa said: “The Annual Meetings provided a vital opportunity for the OPEC Fund to connect with key stakeholders and align our efforts to meet the development needs of our partner countries. Through new financing agreements, we are taking decisive steps to enhance connectivity, foster economic resilience and empower communities across our partner countries. In our numerous meetings we were able to
foster partnerships and strengthen collaboration.” In a significant move, the OPEC Fund and the World Bank Group signed a Co-Financing Framework Agreement and a Memorandum of Understanding. The aim is to enhance cooperation on key global development challenges and boost efficiencies in project implementation. The OPEC Fund targets total financing commitments of US$20 billion to partner countries over the 2025-2030 period. The agreements reinforce the institutions’ commitment to joint efforts in addressing the energy-food-water nexus, promoting climate-friendly investments and fostering regional cooperation and connectivity in an efficient and cost-effective way. OPEC Fund President Alkhalifa and members of the delegation met with regional Vice Presidents of the World Bank for a deep dive into various country and operational priorities. The OPEC Fund signed new loans in support of Benin, Bhutan, Côte d’Ivoire, Jordan, Oman and Uzbekistan (see Development News, pages 34-37) as well as partnership agreements to expand cooperation with development partner institutions
The OPEC Fund’s Al Shaimaa Al-Sheiby, Vice President, Public Sector and Malak Draz, Country Manager, West and Central Africa at the development roundtable
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