EVENTS
“Infrastructure development is a priority of our work”
OPEC Fund President speaks at the World Investment Conference in Riyadh
World Investment Conference, Riyadh
O PEC Fund President Abdulhamid Alkhalifa participated in the World Investment Conference in Riyadh in late November and spoke at two panels. In a ministerial roundtable he discussed how governments can help to unlock investments and presented the OPEC Fund’s policy-based loans as successful instruments: “They combine the creation of an enabling environment with the financing of concrete projects, based on the realization that individual successful projects only add up to joint successful development if they are serving a common goal.” At a later panel the President spoke
priority of our work. It is about creating the physical environment for successful economic
development. And this means that it has to be about more than roads and bridges – it is about connecting people to opportunities, driving productivity, facilitating trade and creating access to essential service.” For the OPEC Fund infrastructure development has been a focus since inception in 1976. Over the past five years alone, completed projects have added more than 11,000 kilometres of roads in development partner countries. These roads connect communities, enhance trade while making daily life safer and more efficient.
Photo: World Investment Conference
However, infrastructure is more than roads and bridges – it’s about connecting people to opportunities. President Alkhalifa told the panel: “Investment in infrastructure is an investment in our children’s future. This comes with huge opportunities, but also with enormous responsibility.”
about “Infrastructure Innovation in Emerging Economies”. He said: “Infrastructure development is a
OPEC Fund makes US$1 billion pledge to fight desertification
commitment to the goals of COP16. The Riyadh Partnership will source additional funding to help least developed countries and lower
middle-income countries unlock access to financing through various financial instruments including concessional loans, commercial loans and equity participation.
COP16, UNCCD, Riyadh
COP16 leverages public and private finance to support the most vulnerable countries
T he OPEC Fund announced a US$1 billion pledge in support of the Riyadh Global Drought Resilience Partnership at the COP16 conference in December. President Abdulhamid Alkhalifa said: “Together, we can turn the challenges of desertification into opportunities for resilience and growth.” The partnership was initiated by the Kingdom of Saudi Arabia as host of the 16th Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification (UNCCD). The compact will leverage public and private finance to support 80 of the most vulnerable and drought-hit countries around the world.
Additional pledges were made by the Islamic Development
The OPEC Fund was present at COP16 with its own pavilion and hosted a series of events. It also launched its first Clean Cooking Report. The paper offers an in-depth examination of an issue that affects about two billion people worldwide who are exposed to the harmful
Bank (US$1 billion) and the Kingdom of Saudi Arabia (US$250 million). The Arab Coordination Group (ACG) announced a US$10 billion
effects of using traditional fossil fuels for their daily cooking. It weighs up a range of approaches and gives detailed insights into the OPEC Fund’s strategy. “Clean cooking fits well with our objectives and focus areas as well as our Climate Action Plan,” President Alkhalifa said.
The OPEC Fund pavilion served as a venue for many events
55
Photo: OPEC Fund
Powered by FlippingBook