OPEC Fund Quarterly - 2026 Q1

HAMAD S. AL-BAZAI

“We’ve worked hard to ensure that the OPEC Fund is not just a financial contributor but also a catalyst for development, using its resources strategically to achieve the greatest possible benefit.”

OFQ : The OPEC Fund member countries set up our institution as an “act of South-South solidarity” – is this approach still valid? HAB: Absolutely. The principle of South- South cooperation remains as relevant today as it was in 1976. Our membership is entirely from the Global South and our partners are developing countries – many of them among the least developed. This identity is much more than a slogan: It is a guiding principle. While the world has changed, people’s fundamental needs remain: access to clean water, energy, education, healthcare and infrastructure. What has to evolve is how we deliver on these needs. Reinforcing our South-South mandate means updating our operational framework, transferring knowledge and providing technical assistance alongside financing. We need to remain demand- driven, respecting partner countries’ priorities while offering expertise gained from similar projects elsewhere. That is how we’ll keep the spirit of solidarity alive and relevant for the next 50 years.

OFQ : When you became Chairman of the Governing Board in 2017, what were your main tasks and the most pressing items on the OPEC Fund’s agenda? HAB: The priorities were clear: maximize the impact of our resources, enhance efficiency and strengthen the OPEC Fund’s visibility. As the largest shareholder, Saudi Arabia places great emphasis on ensuring that contributions are used effectively. The challenge is not only to deploy resources wisely but also to leverage them through co-financing and partnerships. The OPEC Fund is unique because it does not finance projects in member countries; all assistance goes to non- member developing nations. That makes it even more important to spread our impact across regions and sectors. We’ve worked hard to ensure that the OPEC Fund is not just a financial contributor but also a catalyst for development, using its resources strategically to achieve the greatest possible benefit.