- OPEC Fund concludes Ministerial Council and Governing Board sessions
OPEC Fund concludes Ministerial Council and Governing Board sessions
2020 Annual Report demonstrates global development impact and sharpened strategic focus
The OPEC Fund's 42nd annual Ministerial Council (MC) was held via circulation. Member country Ministers of Finance reviewed progress on operational matters and approved the organization’s 2020 Annual Report. The Council also commended the OPEC Fund for its achievements in 2020, especially in light of COVID-19 challenges.
2020 Annual Report highlights include:
- The OPEC Fund committed US$1.59 billion for development operations in more than 30 countries. Cumulative commitments exceed US$22 billion to date.
- The OPEC Fund allocated US$1 billion to help COVID-19 affected communities, and participated in multilateral efforts to help developing countries mitigate, contain and recover from the pandemic.
- The OPEC Fund boosted cooperation with development institutions and signed an enhanced Memorandum of Understanding with the European Bank for Reconstruction and Development (EBRD), a cooperation framework agreement with the West African Development Bank (BOAD) and a renewed cooperation agreement with the Arab Bank for Economic Development in Africa (BADEA).
- EarthSpark International, a non-profit organization committed to expanding access to electricity in Haiti, was awarded the 2020 OPEC Fund Annual Award for Development.
The 176th session of the OPEC Fund Governing Board was held virtually on June 24. Discussions focused on pipeline operations and other operational matters.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa