Vienna: The UAE, represented by the Ministry of Finance, participated today in the 46th session of the Ministerial Council of the OPEC Fund for International Development (OFID), held in Vienna, Austria. The UAE delegation was headed by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included Thuraiya Hamid Alhashmi, Director of the International Financial Relations and Organisations Department at the Ministry of Finance and Governor to the OPEC Fund for International Development, and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs and Alternate Governor to the Fund.
According to Emirates News Agency, the meeting discussed the OPEC Fund’s Annual Report for 2024 and focused on evaluating the progress made in implementing the Fund’s plans and projects. It also addressed the challenges posed by the rapidly evolving global development landscape, particularly in areas such as energy and food security, climate change, and the need to create sustainable job opportunities.
Participants also discussed ways to strengthen South-South cooperation and build sustainable partnerships between the OPEC Fund and regional and international development finance institutions to enhance the efficiency of responses to beneficiary countries’ needs.
In his speech during the meeting, Mohamed bin Hadi Al Hussaini praised the tangible achievements made over the past year, which marked a milestone in the Fund’s journey toward expanding its operations and enhancing its resilience and adaptability. He highlighted the significance of the 49th anniversary of the OPEC Fund’s founding, emphasizing its role in promoting sustainable development across the Global South.
The OPEC Fund for International Development is a multilateral development finance institution established in 1976. It works to strengthen cooperation between OPEC member countries and development partners from the Global South and the international development community. Its mission is to support sustainable social and economic progress in low- and middle-income countries worldwide, contributing to stability and prosperity in beneficiary countries by offering technical and financial assistance through concessional financing, grants, and development-focused aid across various sectors such as agriculture, education, energy, health, and transport.
Since its inception, the Fund has committed over US$27 billion to support more than 4,000 development projects with a total estimated cost exceeding US$200 billion across more than 125 countries.
