THE HISTORY OF THE OPEC FUND
The Deauville Partnership The Deauville Partnership with Arab Countries in Transition was an international effort launched by the G8 in Deauville, France in 2011 to support countries in the Arab world engaged in transitions toward “free, democratic and tolerant societies.” Leaders recognized the progress achieved in a number of countries undergoing transition and committed to maintaining their support in four key areas: stabilization, job creation, participation/governance and integration. The Partnership included Canada, Egypt, the European Union, France, Germany, Italy, Japan, Jordan, Libya, Kuwait, Morocco, Qatar, Russia, Saudi Arabia, Tunisia, Türkiye, the United Arab Emirates, the United Kingdom and the United States. It also included international financial institutions and organizations committed to supporting reforms in Egypt, Jordan, Libya, Morocco and Tunisia. In addition, an IFI platform was formed including the African Development Bank, the Arab Fund for Economic and Social Development, the Arab Monetary Fund, the European Investment Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, the International Monetary Fund, the Islamic Development Bank, the OPEC Fund for International Development and the World Bank.
“Over the years, we grew in so many ways – in terms of the number of countries in which we operate, our number of projects and the dollar value of each project. We are reaching so many people in developing countries. In particular, the number of women and farmers we are able to reach has increased over the years.” Fuad Albassam, Vice President, Public Sector, 2002-2025, OPEC Fund
In 2015, the United Nations adopted the 2030 Agenda with 17 Sustainable Development Goals (SDGs), replacing the Millennium Development Goals (MDGs) and lifting energy from the “missing ninth MDG”, as it was widely called, to SDG 7 – one of the key questions for years to come. OPEC Fund Director-General Al-Herbish welcomed the decisions: “The SDGs will usher in a new understanding of universal development and hopefully new cooperation agreements that include the eradication of poverty – the absolute enemy of human development.” But he also warned: “The time for advocacy and consensus-building is closing and the time for decisions is fast approaching.”
In the following years, the OPEC Fund further ramped up its engagements. By the time Director-General Al-Herbish retired in October 2018, the OPEC Fund had seen significant growth with cumulative commitments rising from US$7 billion to US$22.4 billion in the period 2003-2018. In his farewell speech, Mr. Al-Herbish referenced the institution’s campaign for the eradication of energy poverty and said: “Today, OFID is more than a lending institution. I am proud to assert that through our continuous presence and active engagement in the sustainable development arena, OFID has become a main player in shaping the global development agenda.”
Grand Decoration in Gold Marking the pinnacle of a life of achievements, in January 2015 Director-General Al-Herbish was awarded the Grand Decoration in Gold for the Meritorious Service to the Province of Vienna in recognition of his contribution to the Austrian capital. The award is one of the highest decorations of the City and Province of Vienna. Laudator Oliver Rathkolb, a prominent history professor, praised OFID’s numerous grant contributions that helped support the activities of Austrian NGOs. The laureate responded: “This recognition holds a very special place in my heart because it comes from the city that I love dearly,” Al-Herbish stated. “Ich bin ein Wiener.”
49
Powered by FlippingBook