OPEC Fund Development Forum 2024 'Collaborate for Impact' promotes equitable development and increased cooperation

VIENNA, June 20, 2024 /PRNewswire/ -- The OPEC Fund for International Development (the OPEC Fund) is hosting its third Development Forum on Tuesday June 25, 2024 in Vienna, Austria with a focus on delivering solutions to achieve sustainable development.

The Development Forum will feature the Minister of Finance of the Kingdom of Saudi Arabia, Mohammed Al-Jadaan, OPEC Fund President Abdulhamid Alkhalifa, the President of Sierra Leone, Julius Maada Wonie Bio, the Chairman of the Sierra Leone Presidential Initiative on Climate Change, Renewable Energy and Food Security Kandeh Yumkella, China's Vice Minister of Finance Liao Min and Deputy Prime Minister and Minister of National Economy of Kazakhstan, Nurlan Baibazarov as opening speakers.

OPEC Fund President Abdulhamid Alkhalifa said: "We are proud to convene our development partners from around the world and provide a South-South platform for the international development community. Our aim is to bridge the gap between promise and practice. I am confident that the OPEC Fund Development Forum 2024, in its third year, will again deliver solid outcomes with direct support for economies and communities and drive progress towards a sustainable future."

Following the opening session the OPEC Fund Development Forum 2024 will focus on three key themes: enhancing institutional capacity, accelerating investment in smart infrastructure, and developing human capital. The discussions and outcomes of the Forum aim to speed up progress towards achieving the global sustainable development agenda and tackling pressing global issues such as climate change and food security.

Confirmed speakers for the Development Forum include State Minister of Finance of Sri Lanka, Shehan Semasinghe; Minister of Planning and International Cooperation of Jordan, Zeina Zeid Toukan; Minister of Finance of Tajikistan, Faiziddin Qahhorzoda; Deputy Minister of Finance of Armenia, Eduard Hakobyan; Chairman, Islamic Development Bank (IsDB), Muhammad Sulaiman Al Jasser; President, International Fund for Agricultural Development (IFAD), Alvario Lario; Executive Director, World Food Programme (WFP), Cindy McCain; CEO, Global Partnership for Education (GPE) Laura Frigenti; and Director General, International Atomic Energy Agency (IAEA) Rafael Grossi.

One day prior to the Development Forum, on June 24, the OPEC Fund is also hosting an event to celebrate the 25^th anniversary of OPEC Fund private sector operations. With over 600 projects amounting to a total commitment of more than US$10.5 billion to date, its private sector operations have directly contributed to the OPEC Fund's development impact in more than 70 countries globally. OPEC Fund President Alkhalifa said: "The private sector drives economic growth, job creation and wealth generation. Expanding into private sector operations a quarter century ago proved a watershed moment for the OPEC Fund that has significantly enhanced our development impact ever since."

The private sector event will bring together development partners from across the world and feature a roundtable discussion on "Private Sector: Shaping the Future of Development Finance." Egypt's Minister of International Cooperation Rania Al-Mashat will deliver the keynote address. Confirmed speakers are: OPEC Fund Vice President Private Sector, Tareq Alnassar, Regional Vice President, Middle East, Central Asia, Turkey, Afghanistan, and Pakistan, International Finance Corporation (IFC), Hela Cheikhrouhou, ACWA Power CEO Marco Arcelli, Standard Chartered Bank CEO for UK and Regional Head of Client Coverage for the UK & Türkiye, Saif Malik, Group President and Managing Director, Trade & Development Bank, Admassu Tadesse, Director General for Private Sector Operations, Asian Development Bank, Suzanne Gaboury and Chief Strategy Officer, IDB Invest Luiz Gabriel Todt de Azevedo. The roundtable will be moderated by Board Member & Executive Director Financial Services of Africa Finance Corporation Sanjeev Gupta.

For a full list of speakers and a detailed program of the OPEC Fund Development Forum 2024 and other events please visit the official website.

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 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 about US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.

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SOURCE OPEC Fund for International Development