Deepening Relationships, Expanding Outreach

The development community is coming of age: The Islamic Development Bank (IsDB) Group and Arab Bank for Economic Development in Africa (BADEA) celebrated their 50th anniversaries this spring, while the African Development Bank went one better with a 60th birthday event in Nairobi. OPEC Fund President Abdulhamid Alkhalifa used his participation to promote tighter coordination and closer cooperation among development partners. 

BADEA 50th Anniversary 

Celebrations were also due in mid-May, when BADEA marked its golden anniversary with a reception during its annual meeting. OPEC Fund President Alkhalifa attended the festivities in Riyadh and praised the cooperation: “BADEA is a long standing partner of ours and we share the commitment to Africa, where we really want to make a difference.” 

To date, the OPEC Fund and BADEA have collaborated on 254 operations for US$5 billion. BADEA President Sidi Ould Tah, who has led the bank since 2015, has also been a frequent visitor at the OPEC Fund as well as a speaker at the OPEC Fund Development Forum. The organizations seek to deepen cooperation in climate action and joining forces in development effectiveness. 

IsDB Golden Jubilee 

The Islamic Development Bank (IsDB) Group marked its 50th anniversary (Golden Jubilee) during its regular annual meeting at its Headquarters in Riyadh on April 28. IsDB is one of the OPEC Fund’s key partners in promoting sustainable development through joint projects, but also shared initiatives. OPEC Fund President Alkhalifa conveyed best wishes: “We congratulate IsDB on its achievements during its first 50 years and we look forward to many more years of successful cooperation,” he said following a private meeting with IsDB Chairman Muhammad Sulaiman Al Jasser. To date, IsDB has approved more than US$182 billion for the financing of more than 12,000 development projects. 

Arab-DAC Dialogue in Kuwait 

Reviving the 2030 Agenda for Sustainable Development in the face of political headwinds and financial shortfalls was the key topic of the Arab-DAC Dialogue in Kuwait in May. OPEC Fund President Alkhalifa spoke on a panel on “Accelerating the mobilization of development finance for climate action” and presented the OPEC Fund’s manifold efforts. 

The Arab-DAC Dialogue is a forum that brings together members of the Arab Coordination Group (ACG) and the OECD Development Assistance Committee (DAC). This year’s meeting in Kuwait was also joined by senior representatives of the World Bank, IMF, G20 and EU. President Alkhalifa emphasized: “Partnerships are key. Together we can multiply our volumes, but also our impact.” 

There is a clear need to accelerate action. According to the OECD, developing countries require some US$1.7 trillion annually for renewable energy investments, but only attracted US$544 billion in clean energy foreign direct investment in 2022. 

The meeting also served as preparation for the upcoming UN climate change conference COP29, to be hosted by Azerbaijan in November 2024. President Alkhalifa said: “The key to a successful partnership is to leverage own resources, mobilize external funding and maximize impact where it is needed the most.” 

Summit of Arab Financial Institutions 

Hosted by the government of Egypt in the New Administrative Capital, 50km east of Cairo, Arab financial institutions and organizations came together in late May for their annual summit. 

During the meetings, the operational performance and achievements of the Arab institutions over the past year were reviewed, the annual reports and financial statements for 2023 were approved and development plans and strategies supporting the enhancement of joint Arab work were examined. 

On the sidelines of the event OPEC Fund President Alkhalifa also met with Egypt’s Minister of International Cooperation, Rania Al-Mashat, Morocco’s Minister of Economy and Finance, Nadia Fettah Alaoui, and Kuwait’s Minister of Finance, Anwar Al-Mudhaf. He expressed satisfaction with the support Arab development finance institutions are delivering, especially in the framework of the 

Arab Coordination Group. African Development Bank at 60 

Under the banner “Africa’s Transformation, the African Development Bank (AfDB) Group, and the Reform of the Global Financial Architecture”, the institution marked its 60th anniversary with a conference in Nairobi. OPEC Fund head Alkhalifa met with AfDB President Akinwumi Adesina and had bilateral meetings focused on the OPEC Fund’s promotion of clean cooking. 

A panel discussion on “Leveraging the MDBs’ Reform Agenda for Africa’s Structural Transformation” provided an opportunity to present the OPEC Fund’s contribution to bridging the development finance gap in Africa. President Alkhalifa said: “Africa is central to the OPEC Fund’s activities and mandate.” Emphasizing the commitment to collaboration he added: “Our collective commitment will help build resilient and inclusive societies on the African continent, which we believe are the key drivers of sustainable development.”