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OPEC Fund advances people-centered development at the UN General Assembly
US$400 million for education, a new Caribbean partnership and support for climate-vulnerable nations mark a busy week in New York
A US$400 million pledge for education, a new partnership with the Caribbean Community and a push to support the world's most climate-vulnerable nations: OPEC Fund President Abdulhamid Alkhalifa brought a clear message to the 81st UN General Assembly (UNGA) in New York. In an era of overlapping crises, the OPEC Fund is ready to help deliver practical, sustainable solutions that improve people's lives.
Ahead of UNGA, the President set out five priorities he would take to New York in the OPEC Fund's 50th anniversary year. Over the course of the week, he put each of them into practice: making the case for dependable finance for countries under pressure, pushing forward the V2V Compact to ease the burden on climate-vulnerable nations, championing regional energy and trade connectivity, and insisting that countries themselves must lead their own development.
Speaking live with Foreign Policy magazine, the President set out the OPEC Fund's mission and approach: "We are an agile institution, we can decide quickly, we listen to our clients and our number one consideration is always the impact of our operations on human lives." He also explained how the OPEC Fund helps countries with already-stretched resources invest in key development projects.
Opening the Fourth Climate Vulnerable Forum (CVF) Leaders Meeting of the V20 countries, the President reaffirmed the OPEC Fund's commitment to turning the recently launched Vulnerability to Viability (V2V) Compact into tangible results. A working paper will follow at the World Bank Annual Meeting in Bangkok in October.
The President also met Barbados Prime Minister Mia Mottley to explore ways to advance the Compact. The OPEC Fund and Barbados are driving forces behind the initiative, which aims to provide critical support in water, health and education to the world's most climate-vulnerable nations, while advocating the use of concessional finance.
The President announced a US$400 million pledge to the Global Partnership for Education (GPE) for the second phase of its SmartEd programme, which aims to strengthen education systems and expand access to quality learning in developing countries. The contribution forms part of a US$800 million pledge from the Arab Coordination Group, complemented by US$200 million from GPE.
"Investing in education means investing in opportunity, prosperity and peace," said the President.
President Alkhalifa signed a Memorandum of Understanding with the Caribbean Community (CARICOM) for cooperation under the OPEC Fund Island Resilience Facility.
At an event sponsored by Gavi, the Vaccine Alliance and the Republic of Rwanda, he stressed: "Country ownership is fundamental to effective development. It must guide how we prepare, finance and implement our investments."
At a UNDP roundtable on regional convergence for energy, trade and connectivity, he added: "The measure of regional convergence is the benefit it brings to people and businesses: reliable energy, more efficient trade, access to larger markets and greater opportunities for employment."
The President also held bilateral meetings with high-level representatives from Belize, Saudi Eksab, the International Energy Agency, the World Trade Organization and many others.
