Strengthening Partnerships

Under the theme of “Partnerships to Fend off Crises” the Islamic Development Bank (IsDB) held its Annual Meeting in May in Jeddah, Saudi Arabia. The OPEC Fund participated with a delegation led by Director-General Abdulhamid Alkhalifa. He said: “The IsDB is one of our leading development partners and this event is an important opportunity to coordinate our response to the multiple challenges the world is facing.” 

To achieve this goal the delegation, which also included Musab Alomar, Director, MENA, Eastern Europe & Central Asia, Public Sector Operations, and Khalid Khadduri, Director, Business Development, Private Sector & Trade Finance Operations, worked through a busy agenda. Meetings included conversations with partner countries and organizations as well as the private sector. 

The signing of a US$15 million loan for a road project in the Kyrgyz Republic demonstrated the OPEC Fund’s commitment to the Central Asian country. Once completed, the 200 km-long Suusamyr-Talas-Taraz corridor, a key regional transport link, will significantly improve the east-west axis in the country and strengthen links with neighboring Kazakhstan (see page 48). 

Infrastructure development is key for regional integration which in turn is key for sustainable economic development. “Improved connectivity will ease the movement of goods, services and people, boosting trade and tourism, creating jobs and increasing economic growth,” the OPEC Fund head said. “Better roads are a path to prosperity.” On behalf of his institution the Director-General also received the “Top Treasury Award” from the International Islamic Trade Finance Corporation (ITFC), an IsDB subsidiary, as a long-standing and trusted partner. To date, the OPEC Fund has contributed up to US$4 billion in trade finance in support of regional and international trade and the promotion of socio-economic development. 

Director-General Alkhalifa said: “The price and availability of goods and services such as food, agricultural products, energy and healthcare are critical for social and economic well-being. Recent global economic challenges and disruptions have demonstrated the significance of international trade in achieving the Sustainable Development Goals. Our long-standing partnership with the ITFC has supported the establishment of trade value chains, improving many millions of people’s lives.” 

The IsDB Annual Meeting is one of the major events in the calendar of development institutions. The four-day event brought together a large number of stakeholders, including ministers from the 57 member countries of the organization, senior government officials, heads of international organizations and representatives from the private sector. 

The program included a Private Sector Forum and the OPEC Fund welcomed efforts to strengthen ties between development organizations and private sector investors: “Our task is huge and while institutions such as the IsDB or indeed the OPEC Fund remain indispensable, we can only fulfil our tasks when mobilizing the private sector,” Mr. Alkhalifa said. 

The choice of venue also symbolized this approach: Jeddah, located on the shores of the Red Sea, is one of Saudi Arabia’s leading commercial hubs with huge economic significance for the whole Gulf region and beyond.