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OPEC Fund Private Sector Celebrates 25 Years

Successful operations fuelled by the power of partnerships

The OPEC Fund Private Sector Department marked its 25th anniversary in late June 2024 with an event capturing the essence of its business philosophy. 

Gathering private sector investors and representatives of development finance institutions (DFIs) for a panel discussion provided the perfect setting to reflect on joint achievements and set a course toward new goals. Tareq Alnassar, Vice President, Private Sector at the OPEC Fund thanked everyone who contributed to the successful first 25 years with warm words and said: “We are united by the shared ambition to improve people’s lives.” 

OPEC Fund President Abdulhamid Alkhalifa also invoked the spirit of cooperation: “We collaborate for impact – this is what it is all about.” Development “can only be achieved when we all pull together,” he emphasized. It is crucial to learn from each other: “The private sector is inspiring us with its ingenuity, flexibility and creativity,” he said. 

For the discussion, OPEC Fund Vice President Alnassar was joined by Hela Cheikhrouhou, Vice President, Middle East, Central Asia, Türkiye, Afghanistan and Pakistan, International Finance Corporation (IFC); Marco Arcelli, CEO, ACWA Power; Saif Malik, CEO for UK and Regional Head of Client Coverage for the UK & Türkiye, Standard Chartered Bank; Admassu Tadesse, Group President and Managing Director, Trade & Development Bank (TDB); Suzanne Gaboury, Director General, Private Sector Operations, Asian Development Bank (ADB); and Gabriel Azevedo, Chief Strategy Officer, IDB Invest. The roundtable was moderated by Sanjeev Gupta, Board Member and Executive Director Financial Services, Africa Finance Corporation (AFC). 

The conversation showed that many are counting on DFIs: “They can pave the way for the private sector in regards to access, cost and risk,” said TDB’s Admassu Tadesse. Alleviating risk and opening doors for the private sector was repeatedly highlighted. The ADB’s Suzanne Gaboury acknowledged the special role of development banks: “If we don’t take the kind of risk associated with emerging economies, how can we expect the private sector to do so?” 

OPEC Fund Vice President Alnassar summed it up neatly: “Winning is always a team effort.”