OPEC Fund delegation at IsDB Annual Meeting

Decision makers from the 57 member states of the Islamic Development Bank (IsDB) gathered with representatives of partner organizations for the institution’s Annual Meeting in Algiers in mid-May. Leading the OPEC Fund delegation President Abdulhamid Alkhalifa said: “The IsDB is one of our closest partners and this meeting is an important opportunity to deepen cooperation and promote sustainable development.” 

A bilateral meeting with IsDB President Muhammad Al Jasser stood high on the agenda and allowed for an update on current projects, planned operations and potential joint initiatives. To date, the two institutions have co-financed 188 operations, with the OPEC Fund contributing US$2.3 billion and €190.5 million. 

The OPEC Fund President’s agenda also included meetings with The Gambia, Guinea, Kazakhstan, Kyrgyz Republic, Pakistan, Sierra Leone, Somalia, Tajikistan and Türkiye. He also met with the Islamic Trade Finance Corporation, State Bank of Turkmenistan, West African Development Bank and United Nations Development Program. Meetings with partner organizations and private sector investors completed the engagements in Algiers. 

In a keynote address at an event on the Riyadh Global Drought Resilience Partnership the President reiterated the OPEC Fund’s commitment to combatting desertification following a US$1 billion pledge last year. This is now translated into action: “To help deliver lasting impact, we have completed a comprehensive assessment of our land degradation financing, identifying opportunities to scale up investments and align with Land Degradation Neutrality targets,” the President explained.