OPEC Fund and Indonesian AID strengthen development cooperation

February 19, 2025: The OPEC Fund for International Development (OPEC Fund) and the Indonesian Agency for International Development (Indonesian AID) have signed a Memorandum of Understanding (MoU) that provides the basis for enhanced collaboration in key development areas such as climate action, food security, renewable energy, health and technical capacity building.

The OPEC Fund and Indonesian AID will join forces on project co-financing as well as the identification and preparation of infrastructure, health and sustainable development projects, particularly in least developed countries and Small Island Developing States.

The MoU was signed in Jakarta by OPEC Fund Vice President of Strategy Musab Alomar, on behalf of OPEC Fund President Abdulhamid Alkhalifa, and Indonesian AID Chief Executive Officer Tormarbulang Lumbantobing.

OPEC Fund President Abdulhamid Alkhalifa said: 

"Indonesia is a founding member of the OPEC Fund and a dedicated supporter of the 2030 Agenda for Sustainable Development. Strengthening ties with OPEC Fund member country development agencies enhances our ability to deliver impactful solutions in food security, renewable energy and health in partner countries. Through our shared goals and collaboration we will increase, impact and improve livelihoods, while driving progress toward the delivery of the Sustainable Development Goals."

Indonesian AID Chief Executive Officer, Tormarbulang Lumbantobing said: 

"As a newly developing organization, we are very pleased to collaborate with the OPEC Fund. We can learn a lot from the best practices of the OPEC Fund, especially in terms of project management. Collaboration in certain projects with the OPEC Fund will also further enhance the role of Indonesia AID in development in OPEC Fund partner countries."

The partnership builds on the OPEC Fund’s commitment to international cooperation and Indonesian AID’s dedication to global development.

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$29 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.

About Indonesian AID

The Indonesian Agency for International Development (Indonesian AID) is committed to strengthening global alliances and delivering impactful development programs that address critical challenges and promote sustainable solutions. As an institution dedicated to international cooperation, Indonesian AID plays a crucial role in advancing the Sustainable Development Goals (SDGs).