EVENTS
The international community must act decisively and urgently to support the countries that are most exposed to climate change, food insecurity, economic imbalances and other destabilizing factors.
OPEC Fund Development Forum 2023
Abdulhamid Alkhalifa, OPEC Fund Director-General
“Humanitarian organizations can help stretch development finance” OFQ : How can the development community best support the short-term and long- term needs of vulnerable communities worldwide? Nena Stoiljkovic: I believe that humanitarian organizations can help stretch development finance that normally goes to projects to further away, last mile communities, where actually most of the vulnerable people live. The problem for us is to find the right modalities. The humanitarian sector largely finances itself through unreturnable grants. And development finance organizations largely use returnable financial instruments, debt and equity. There are some interesting schemes and structures that we can possibly explore together. We are trying something with insurance companies. We are trying something with blending donor grants with some of the other more sophisticated financial instruments. That is where I see the role of development organizations in addition to making sure that communities around the projects that we finance are well taken care of. Nena Stoiljkovic Under Secretary General, International Federation of Red Cross and Red Crescent Societies
Uzziel Ndagijimana (left), Minister of Finance and Economic Planning, Rwanda
world to prepare the climate change conference in Abu Dhabi. The OPEC Fund delegation also signed a Memorandum of Understanding with the United Nations O ffi ce for South- South Cooperation to strengthen collaboration. “The OPEC Fund is an institution based on the principles of South-South cooperation,” said the Director-General.
The OPEC Fund will participate in COP28 and use its presence to launch a series of initiatives and activities aimed at bridging the gap between energy access and climate action — because both are necessary for sustainable development. The UN Summit in New York provided the perfect opportunity to meet delegations from all over the
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