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- First OPEC Fund Development Forum to discuss climate change, energy access and food security – to unlock synergies and funding opportunities
First OPEC Fund Development Forum to discuss climate change, energy access and food security – to unlock synergies and funding opportunities
Against the backdrop of severe global challenges, the OPEC Fund will host its inaugural Development Forum on Tuesday, June 21, 2022 at the Hofburg in Vienna, Austria with a view to driving concrete actions.
The OPEC Fund Development Forum will gather 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 under the banner of “Driving Resilience & Equity”.
Earlier in June, the OPEC Fund adopted a US$1 billion Food Security Action Plan in response to the food supply shortages now threatening low- and middle-income countries in particular.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa will open the conference: “The world faces compounded, cascading problems including the long-term challenge of securing affordable and clean energy, the disruption of food supplies and food security in many countries, especially the poorest, and the aftermath of the COVID-19 pandemic. In order for the international community to address these problems, we have to work together and coordinate our response.”
Following a keynote speech by the economist Jeffrey Sachs, Director of Columbia University’s Center for Sustainable Development, three panels will focus on “Climate Challenges vs Energy Needs - Development Perspectives”, “Innovations that Enable a Smart Energy Future”, and “Turning Public Ambition into Effective Action”. The conference will close with a conversation on “South-South Co-ownership in Development Progress”.
The one-day forum aims to nurture synergies between countries and sectors worldwide, unlock new funding opportunities, and feed into international efforts such as the next UN Climate Conference in Egypt in November 2022. OPEC Fund Director-General Dr. Alkhalifa: “Development is a long-term effort and in order to be successful, we need to review and adjust course to stay on target. The development community needs to adapt its activities in light of events, and our conference will make a major contribution to this effort.”
Confirmed speakers at the OPEC Fund Development Forum include Mohammed Al-Jadaan, Minister of Finance, Kingdom of Saudi Arabia; Ibrahim Ameer, Minister of Finance, Maldives; Abida Mia, Minister of Water & Sanitation, Malawi; Rania Al-Mashat, Minister of International Cooperation, Egypt; Dr. Muhammad Sulaiman Al Jasser, Chairman, Islamic Development Bank Group (IsDB); Ahmed Saeed, Vice President, Operations, East Asia, Southeast Asia and the Pacific, Asian Development Bank (ADB); Hela Cheikhrouhou, Vice President, Middle East, Central Asia, Turkey, Pakistan & Afghanistan, International Finance Corporation (IFC); Ahunna Eziakonwa, Assistant Secretary-General and Africa Director, United Nations Development Programme (UNDP); and Leila Farah Mokaddem, Director General, Southern Africa, African Development Bank (AfDB).
For a full list of speakers, program details and registration please see: https://forum2022.opecfund.org/
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.