“MISSION POSSIBLE”
EVENT: 2023 Annual Meetings of the World Bank
OPEC Fund delegation at World Bank/IMF Annual Meetings – “Return to Africa” overshadowed by earthquake in Morocco
I n the face of multiple crises, the OPEC Fund used the 2023 Annual Meetings of the World Bank and the International Monetary Fund in Marrakech (October 9-15) as an opportunity to drum up support for immediate and effective action on climate and development projects. It was the first time in 50 years that the institutions had brought their annual convention to the region, but the much-vaunted “Return to Africa” was overshadowed by the severe earthquake that hit Morocco shortly before the event. OPEC Fund Assistant Director-General, Public Sector Operations, Fuad Albassam, headed the delegation and said: “We must maximize the impact of our projects and simultaneously make our operations as cost-effective as possible.” The OPEC Fund delegation included Assistant Director-General, Financial Operations, Tarek Sherlala, and Head of Funding Martine Mills Hagen, Chief Risk Officer Juanito Limandibhratha, Public Sector West & Central Africa Director Mahmoud Khene, Private Sector Business Development Director Khalid Khadduri, Private Sector Advisor Ramina Samii and Senior Economist Angus Downie. The Public Sector team kicked off
their engagements by participating in the G24 Ministers and Governors Meeting, which focused on the World Bank’s transformation. The world’s largest development finance institution is currently undergoing a comprehensive reform process. The goal is to refresh its approach and deliver on its mandate in the face of growing challenges and scarce public resources. Mr. Albassam welcomed the World Bank outline, which will also impact the community of multilateral development banks (MDBs), and emphasized as priority tasks: increasing MDB capacity to leverage financing and mobilize private sector capital; upgrading MDB crisis response capacity; and setting standards in cost-effectiveness, efficiency and accountability. In addition, the OPEC Fund delegation also had bilateral meetings with representatives from partner countries such as Togo, Burundi, Somalia, Comoros and partner organizations such as the Islamic Development Bank (IsDB), the French Development Agency (AFD) and CAF – Development Bank of Latin America and the Caribbean.
Meanwhile, the Private Sector team lined up meetings with major partner development banks such as the Asian Development Bank (ADB), Arab Bank for Economic Development in Africa (BADEA), European Bank for Reconstruction and Development (EBRD), Dutch Entrepreneurial Development Bank (FMO) and International Finance Corporation (IFC). Meetings with financial institutions included Vista Bank, First Abu Dhabi Bank and Bank of Africa. The team also met investors such as the renewable energy company CWP Global. The Financial Operations delegation met with a slew of global investors including Morgan Stanley, DZ Bank, Citi, Crédit Agricole CIB, Amundi, Royal Bank of Canada, Barclays, TD Securities, Cygnum Capital Group, JP Morgan, Standard Chartered Bank, Goldman Sachs, Deutsche Bank and Nomura. Following the successful launch of the OPEC Fund’s inaugural benchmark bond in January 2023, the funding team is continuing its efforts and preparing further issuances according to opportune timings and in line with the OPEC Fund’s Strategic Framework.
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