THE OPEC FUND IN THE WORLD
IN THEIR OWN WORDS
“The OPEC Fund is firmly committed to supporting our development partners in scaling up engagement for the environment.”
I urge the world to realize that actual lives are in extreme peril at the moment and that additional resources
Musab Alomar, Vice President, Strategy, OPEC Fund
are urgently needed for the Caribbean and Small Island Developing States.
Daniel Best, President, Caribbean Development Bank (CDB)
The OPEC Fund has been very clear in its mission, while adapting to the changing environment and using different tools. That’s something that AIIB has picked up. You have to be absolutely focused on your clients, really focused on the regions that you’re working in, and having a
Ghada Fathi Waly, Director- General, UN Office, Vienna
very, very strong balance sheet. Delivery is key and this is what we are measured against.
South cooperation and solidarity. Last year the strategic alliance extended US$19.6 billion collectively to fund nearly 650 operations in more than 90 countries. In another opening address at the Development Forum, the Minister of Finance of Saudi Arabia, Mohammed Aljadaan, raised the question of energy access as a key challenge for development: “You need to secure basic needs first in order to unlock inclusive and sustainable growth,” he said. In order to facilitate and secure energy access he called on MDBs to support all forms of energy; accelerate the provision of concessional financing to the poorest countries; de-risk investments in developing countries to facilitate private sector investment; and invest in new technology to secure the transition to net zero. Less than five years before the 2030 deadline for the implementation of the Sustainable Development
Goals (SDG) many speakers warned that delivery was far behind schedule. “Only 17 percent of the SDGs are currently on track,” Ghada Fathi Waly, Director-General of the UN Office at Vienna, warned and, quoting the International Monetary Fund, spoke of a “US$4 trillion annual financing gap for development.” Paraphrasing the Development Forum’s theme she said: “We must shape tomorrow, rather than let tomorrow shape us.” In the closing session “Forging a Green-Blue Future” OPEC Fund Vice President, Strategy Musab Alomar announced the allocation of US$3 billion for nature-based solutions for the period 2025-2030. “The OPEC Fund is firmly committed to supporting our development partners in scaling up engagement for the environment,” he said. Two thirds of the total amount have already been earmarked for concrete action. Other high-level participants at the fourth OPEC Fund Development
Andrew Cross, Chief Financial Officer, Asian Infrastructure Investment Bank (AIIB)
Forums like this are very useful because they provide platforms for dialogue and for finding the right strategic partners. There’s no substitute for direct contact and one-on-one relations. We have found especially at the OPEC Fund Development Forum partners that share our values and that have
experiences, insights and resources to help build the new Botswana.
Ndaba Nkosinathi Gaolathe, Vice President and Minister of Finance, Botswana
36
Powered by FlippingBook