OPEC Fund Private Sector hosts inaugural business event with Austrian enterprises and financial institutions

“There are many global economic challenges, but we also see a lot of potential,” said OPEC Fund Vice President of Private Sector Operations Khalid Khadduri. “Development cannot be delivered by one actor alone. Cooperation is the way forward, because partnership powers progress.”

He noted the strong presence of Austrian companies in emerging markets, where they regularly punch above their weight. “You bring strong expertise in areas including banking, infrastructure, engineering, sustainable cities and international cooperation, which are closely aligned with the OPEC Fund’s mandate,” he said.

This was illustrated by Alexander Schwab, Global Vice President of Andritz Hydropower, who said: “Twenty-five percent of all turbines for hydropower plants worldwide are supplied by us.” In Africa, the Austrian company is a market leader with a share of around 50 percent.

Mr. Schwab also underlined the important role of development finance institutions in opening up new markets. “The first phase of a project often requires high upfront investment with long-term returns. That is not always attractive for the private sector,” he said.

Sabine Gaber, member of the board of the Austrian Development Bank, also stressed the importance of joining forces. “The key is really to come together through good and reliable partnerships like the one we have with the OPEC Fund,” she said. “It is important that MDBs, the public sector and private sector development institutions work together to structure deals where all the different instruments are combined.”

During a panel discussion, participants identified risk-sharing as a key tool to support investment. “It is not just finance,” Vice President Khadduri said, summarizing the discussion. “The role of MDBs is to guide companies and help them manage risk.”

Wiebke Schloemer, Head of the Vienna Office of the International Finance Corporation, shared the MDB perspective. “We have to look at the full picture, which also includes the regulatory environment and local knowledge, where we can often serve as door openers for the private sector,” she said.

Since its establishment 50 years ago, the OPEC Fund has worked with Austrian companies and financial institutions on a range of projects. Most recently, this included cooperation with Raiffeisen Bank International in Albania, Bosnia and Herzegovina, and Kosovo.

“I see a lot of potential in working together with the OPEC Fund on projects related to energy transformation and support for local infrastructure,” said Rainer Schnabl, Board Member of Raiffeisen Bank International.

Vice President Khadduri described the relationship as “rooted in Austria, delivering globally.”

The event brought together some 50 representatives of leading Austrian companies and financial institutions. Participants welcomed the opportunity to deepen cooperation and partnership.

“I see tremendous value in this,” Ms. Gaber said. “We really need to bring together all Austrian stakeholders so we can combine our strengths to help create new markets in the Global South, introduce new technologies and support hidden champions.”

Vice President Khadduri added: “The feedback I received was extremely positive. This was a first step, and now we will make sure to follow it up.”