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- 2023
- OPEC Fund receives the inaugural “Abdlatif Y. Al-Hamad Development Award in the Arab World” in recognition of its development support in Egypt
OPEC Fund receives the inaugural “Abdlatif Y. Al-Hamad Development Award in the Arab World” in recognition of its development support in Egypt
April 30, 2023: The OPEC Fund for International Development (the OPEC Fund) has received the “Abdlatif Y. Al-Hamad Development Award in the Arab World” in recognition of the co-financing of the South Helwan Power Plant, one of the largest power sector projects in Egypt and the Middle East.
The prize, awarded for the first time, is being presented during the Joint Arab Financial Institutions’ 2023 annual meetings taking place in Rabat, Morocco on April 29. OPEC Fund Director-General Dr. Abdulhamid Alkhalifa is attending the meetings to engage with member and partner countries and to participate in a high-level policy roundtable on “Climate Finance to Achieve Sustainable Transformation”.
In his thank you speech, Dr. Alkhalifa said:
“The Arab world is in great need of investment and capacity building to reach the 2030 Sustainable Development Goals in time. The success of the South Helwan project can serve as an example of how we can make real progress by joining forces. The success of the project was due to the cooperation with the Arab Coordination Group partners and productive collaboration with other multilateral development banks.”
Dr. Rania Al-Mashat, Minister of International Cooperation, Egypt, said:
“We thank the OPEC Fund for its support and effective partnership with the Egyptian government to enhance development efforts in various areas, especially in energy and electricity sectors. The sector has witnessed a boom over the past years, providing for Egypt's energy needs and enhancing its capacity to export to neighbouring countries. South Helwan project is an example of constructive cooperation between development partners, with a number of Arab financing institutions contributing to its financing. Egypt is keen on strengthening partnerships with multilateral and bilateral development partners to enhance progress towards achieving the sustainable development goals and the 2030 National Development Agenda.”
The South Helwan Power Plant has a total capacity of 1.95GW and created 4,000 jobs during construction alone, while benefiting commercial clients in vital economic sectors as well as private households. Driven 95 percent by natural gas, it generates electricity in support of agriculture, manufacturing and tourism.
The OPEC Fund joined forces with the Arab Fund for Economic and Social Development, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the World Bank and the Government of Egypt in support of this project.
The OPEC Fund has a strong track record of investing in critical sectors across the Middle East and North Africa, having provided over US$4 billion in development financing to the region to date with the exclusion of its member countries.
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 more than US$24 billion to development projects in over 125 countries with an estimated total project cost of US$190 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Outlook Positive by S&P. Our vision is a world where sustainable development is a reality for all.