OPEC Fund strengthens Caribbean partnerships at CDB Annual Meeting

This week, OPEC Fund President Dr. Abdulhamid Alkhalifa led a delegation to the 56th Annual Meeting of the Caribbean Development Bank.

Against a backdrop of global volatility, tighter fiscal space and rising climate pressures, the discussions focused on practical solutions to strengthen resilience, mobilize financing and support sustainable growth.

Held under the theme “Forging the Caribbean’s Future: Strategic Solutions for Uncertain Times,” the CDB Annual Meeting brings together governments, development institutions, private sector representatives and international stakeholders to advance cooperation on resilience, financing and sustainable development.

Dr. Alkhalifa participated in the President’s Chat, “Financing the Future: MDB Strategies for Uncertain Times” alongside CDB President Daniel M. Best and Central American Bank for Economic Integration Executive President Gisela Sánchez. The high-level dialogue explored how multilateral development banks can strengthen cooperation, mobilize resources and support countries facing increasingly complex development challenges.

On the margins of the Annual Meeting, Dr. Alkhalifa held a series of bilateral meetings with government and development finance counterparts, underlining the OPEC Fund’s renewed engagement with the Caribbean and strong impact over five decades in the wider Latin America region.

In discussions with Hon. Brian Halkitis, Minister of Finance of The Bahamas, Dr. Alkhalifa exchanged views on the country’s infrastructure priorities, financing needs and potential areas for cooperation, including support for private sector engagement.

With Mr. Ryan Straughn, Minister of Finance of Barbados, discussions focused on resilience financing, the Vulnerability to Viability (V2V) Compact, which will be launched during OPEC fund Development Forum in June and the OPEC Fund’s Island Resilience Facility, as well as opportunities to advance private sector cooperation.

Dr. Alkhalifa also met Hon. Wayne Girard, Minister of Finance of Saint Lucia, congratulating the country on the start of implementation of the Sir Julian R. Hunte Highway Project, supported by US$20 million in OPEC Fund financing. Discussions also covered future cooperation and potential sovereign operations.

On the margins of the Annual Meeting, Dr. Alkhalifa held a series of bilateral meetings with government and development finance counterparts, underlining the OPEC Fund’s renewed engagement across Latin America and the Caribbean. Discussions covered progress on Belize’s George Price Highway Upgrading Project and access to concessional resources for Small Island Developing States; cooperation with the Central American Bank for Economic Integration on project preparation, pipeline development and co-financing; the OPEC Fund’s growing pipeline in Brazil, including urban development and innovation; and Guyana’s request for support for biodiversity conservation and natural capital.

The OPEC Fund’s participation comes during its 50th anniversary year and reflects its commitment to strengthening partnerships, mobilizing resources and supporting sustainable development across partner countries.