Country for PR: United Kingdom
Contributor: PR Newswire Europe
Friday, June 24 2022 - 21:47
First OPEC Fund Development Forum commits to mobilize funds to address global challenges
VIENNA, June 24, 2022 /PRNewswire-AsiaNet/ --

Development partners attending the OPEC Fund's Development Forum in Vienna this 
week demonstrated their resolve to address urgent global challenges by entering 
new commitments for financial support and signing cooperation agreements.

Signings and announcements included the following:

- The OPEC Fund and the Republic of Kosovo signed a "Framework Agreement for 
Private Sector Operations," which aims to strengthen the private sector in 
Kosovo with a focus on infrastructure, connectivity, energy and water. OPEC 
Fund Director Dr. Abdulhamid Alkhalifa had visited Kosovo in June and expressed 
the ambition to deepen the partnership.

- The Asian Development Bank and the OPEC Fund launched a trust fund to improve 
project readiness in developing countries. As a first contribution, the OPEC 
Fund is committing US$3 million to the fund, which will provide technical 
assistance to improve the delivery of investment projects through enhanced 
preparation, design, and procurement.

- The OPEC Fund and the regional South American development bank FONPLATA 
signed a "Cooperation Agreement" to broaden and deepen the partnership through 
more co-financing of strategic projects in the Latin America and Caribbean 
region, where FONPLATA operates.

- The OPEC Fund is teaming up with the UN Capital Development Fund (UNCDF) and 
Sustainable Energy for All (SEforALL) to design and deliver a new Climate 
Finance and Energy Innovation Hub, which is set to be launched at the UN 
climate conference COP27 in Egypt in November. Designed as a global end-to-end 
policy and finance platform, this hub will harness the power of financial 
innovation to source, unlock, de-risk and scale-up investments in energy access 
and transition. Recognizing the crucial role of clean cooking the OPEC Fund is 
earmarking US$100 million in support of relevant projects in DRC, Madagascar, 
Malawi, and Rwanda as part of the initiative.

- The International Renewable Energy Agency (IRENA) and the OPEC Fund signed a 
Memorandum of Understanding to facilitate access to innovative financing 
solutions, unlock investment and support project development to advance 
renewable energy investment and enable access to sustainable finance in 
emerging and developing economies.

OPEC Fund Director-General Dr. Alkhalifa said: "These new commitments and 
signings are a declaration of our intent to join forces in the face of 
unprecedented challenges. One clear takeaway from our event was the need for 
urgent, targeted and joint action in areas such as climate change, energy 
access and food supply. We are very encouraged by the success and positive 
momentum generated at our Forum which provides the energy to move forward 
swiftly and forcefully."

The OPEC Fund Development Forum "Driving Resilience & Equity" gathered 
government leaders, ministers from OPEC Fund member and partner countries, 
heads of the Arab Coordination Group institutions, senior officials of 
multilateral development banks and international organizations as well as 
private sector representatives. The event included panels on "Climate 
Challenges vs Energy Needs - Development Perspectives," "Innovations that 
Enable a Smart Energy Future," and "Turning Public Ambition into Effective 
Action," and closed with a conversation on "South-South Co-ownership in 
Development Progress."

The date of the 2023 OPEC Fund Development Forum will be announced shortly.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only 
globally mandated development institution that provides financing from member 
countries to non-member countries exclusively. The organization works in 
cooperation with developing country partners and the international development 
community to stimulate economic growth and social progress in low- and 
middle-income countries around the world. The OPEC Fund was established by the 
member countries of OPEC in 1976 with a distinct purpose: to drive development, 
strengthen communities and empower people. Our work is people-centered, 
focusing on financing projects that meet essential needs, such as food, energy, 
infrastructure, employment (particularly relating to MSMEs), clean water and 
sanitation, healthcare and education. To date, the OPEC Fund has committed more 
than US$22 billion to development projects in over 125 countries with an 
estimated total project cost of US$187 billion. The OPEC Fund is rated 
AA+/Outlook Stable by Fitch and AA/Positive Outlook by S&P in 2021. Our vision 
is a world where sustainable development is a reality for all.

Photo -
Photo -
Photo -
Photo -
Photo -
Photo -
Logo -

Source: OPEC Fund for International Development