“OUR BUSINESS IS DEVELOPMENT COOPERATION” In a wide-ranging interview with Frankfurter Allgemeine Zeitung (FAZ) OPEC Fund Director-General Dr. Abdulhamid Alkhalifa sets out his vision for the institution
food insecurity in response to supply chain disruptions and initiatives against droughts, desertification and deforestation. An example offered by Dr. Alkhalifa illustrates how everything is connected to everything else: The OPEC Fund just launched a new Climate Hub with US$100 million dedicated to “clean cooking” as traditional cooking methods that rely heavily on wood are, among other negative impacts, also a major cause of deforestation. Emphasizing the OPEC Fund’s strong ties with Vienna the Director-General points out the acquisition and current refurbishment of the adjacent building on Parkring 6. The OPEC Fund has ambitious plans to create a space for public events and exhibitions here once work is complete. At the same time the expansion also reflects the expectation of further growth. “We’re growing by 10 to 15 percent a year,” Dr. Alkhalifa said. While new loans added up to US$1.5 billion last year, he expects a volume of US$1.7 to 1.8 billion by the end of December and even more in 2023: “Maybe we will reach the US$2 billion mark,” the OPEC Fund head added.
I t is not every day that the OPEC Fund has the pleasure to welcome Frankfurter Allgemeine Zeitung (FAZ) at its Headquarters. One of the leading and most influential publications in Europe, the paper is highly selective in its choice of interviewees. So when OPEC Fund Director-General Dr. Abdulhamid Alkhalifa recently sat down with FAZ business correspondent Andreas Mihm in Vienna it was a great opportunity to present the institution to
is only going to grow for the entire development community, the Director- General underlined: “We see how badly our planet and people are suffering as a result of climate change.” Climate work is development work, he emphasized: Other sectors such as food production or transport are also major contributors to greenhouse gas emissions. “It is not just about energy,” as the paper says about the OPEC Fund in general. The correspondent also describes recent programs to combat
an international audience. The Director-General got straight to the point and explained the OPEC Fund’s strategy to modernize and
expand its operations in response to strong demand. “Our business
is development cooperation,” stressed Dr. Alkhalifa. Since its establishment in 1976 the OPEC Fund has invested more than US$22 billion of its own resources for projects in low- and middle- income countries. The OPEC Fund usually acts as a catalyst, leveraging its own contributions through cooperation with partner organizations: “Most of the projects are co-financed with other development banks,” the Director-General explained. A recent example is the US$24 billion climate pledge by members of the Arab Coordination Group announced at the UN climate change conference COP27 in Egypt for which the OPEC Fund served as a frontrunner when it adopted its own Climate Action Plan in September. Given the growing global impact of climate change, engagement in climate mitigation, adaptation and resilience
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