ABDULHAMID ALKHALIFA
“The OPEC Fund has partnered and co-financed with other MDBs like almost no other institution. This is how we have delivered a truly global mandate over 50 years.”
Abdulhamid Alkhalifa, President, OPEC Fund
Strengthening our risk functions, enhancing decision-making and
SF2030 took that legacy and expanded it. We evolved from a direct lender to a development catalyst: using our capital to de-risk and mobilize private finance, shaping innovative markets for clean energy, food security and resilience and shifting from project participant to project leader and convener. The result: annual commitments more than doubled, from US$813 million in 2018 to US$2.3 billion in 2024, with additional growth in 2025 and beyond. In summary, our role is broader and our global impact deeper. OFQ : Can you share a project or field visit that has stayed with you? AA: There are many. I remember visiting Egypt in 2019 following our loan to the country’s Social Development Fund. Listening to people describe how their lives had been transformed through access to jobs and more dignified livelihoods was profoundly moving. Whether it is a new road in Azerbaijan bringing children safely to school, irrigation in Zimbabwe empowering women farmers or clean cooking programs improving health – the people
are why we do this. We must never forget the human dimension of what we do.
modernizing our business processes set the stage for a major shift: accessing capital markets to significantly increase our financial capacity. OFQ : You previously served at the World Bank and the Saudi Public Investment Fund. Were you surprised by how much the OPEC Fund delivered given its size? AA: Absolutely. The efficiency and agility of the institution were noteworthy. As we grow, preserving and enhancing those strengths is essential. That’s why we are investing in digital systems, innovation and talent – to ensure we remain fast, flexible and focused on results. OFQ : Five decades on, how has the institution evolved while remaining true to its founding vision? AA: Our mission of South-South solidarity is unchanged, but its execution has transformed. Historically, the OPEC Fund has committed more than US$30 billion to development, including delivering improved energy access to 21 million people between 2019–2023.
OFQ : Part of the institution’s strategy under your leadership has been to scale through partnerships and financial innovation. Why is this so important? AA: Development and commercial finance are not competitors, they are complementary engines of progress. From the very beginning, the OPEC Fund has partnered with other MDBs like almost no other institution. This is how we have delivered a truly global mandate over 50 years, reaching communities that even much larger partners may not be able to reach. Our deep relationships with partner countries gives us a unique vantage point: we understand their priorities and we can align our resources across the world. But the size of global challenges requires us to scale our ambition. So we strengthened our origination and syndication capabilities – designing solutions, mobilizing partners and adopting innovative financing models to ensure that every dollar we commit delivers the greatest possible value for sustainable development.
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