OPEC Fund President Alkhalifa to attend World Bank/IMF Annual Meetings in Washington, D.C.

October 17, 2024: The President of the OPEC Fund for International Development (the OPEC Fund), Abdulhamid Alkhalifa, will lead a delegation to the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington, D.C. From October 21-26, OPEC Fund representatives will engage in a series of high-level meetings with global leaders, government ministers and multilateral development banks.

President Alkhalifa said: 

“The Annual Meetings provide a vital opportunity for the OPEC Fund to connect with key stakeholders and align our efforts to meet the development needs of our partner countries. Our discussions will allow us to explore innovative solutions, strengthen collaboration and promote projects that drive economic growth and improve livelihoods.”

President Alkhalifa will take part in key discussions to enhance partnerships and address the critical development needs of low- and middle-income countries. His agenda includes numerous bilateral meetings and the signing of project loans and partnership agreements to deliver impactful development support. Highlights include:

• October 22: A high-level meeting with the World Bank and the Arab Coordination Group  and the signing of a Memorandum of Understanding (MoU) with World Bank President Ajay Banga to enhance the collaboration between the OPEC Fund and the World Bank Group. The MoU will focus on the energy-food-water nexus and the promotion of climate-friendly investments, regional cooperation and connectivity.
• October 23: The signing of new loan agreements with pre-existing and first time OPEC Fund partner countries, including Bhutan, Benin and Oman, as well as Sanoat Qurilish Bank (SQB) of Uzbekistan.
• October 24-25: Bilateral meetings and discussions with member country ministers, World Bank regional vice presidents and the heads of partner organizations such as CAF - Development Bank of Latin America.

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 about US$27 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.