Transforming adversity into opportunity

In the face of multiple global challenges the development community must come together and act. “Together, we can transform adversity into opportunity,” OPEC Fund President Abdulhamid Alkhalifa said in his opening address at the institution’s fourth Development Forum at the Hofburg in Vienna, Austria in mid-June. 

Speaking to a packed hall of global leaders he called on multilateral development banks (MDBs) to become not only better, bigger and more effective, but also to go one step further: “In a world of tightening resources, we must also become smarter.” 

As the host of a global development conference, now in its fourth year, the OPEC Fund made a determined effort to lead by example. The OPEC Fund announced some US$720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and saw the signing of US$362 million in new loan agreements. A new Trade Finance Initiative is set to secure vital supplies and help close trade-related liquidity gaps in partner countries. 

In front of an in-person audience of some 650 attendees, President Alkhalifa set out the OPEC Fund’s latest achievements such as the record results in 2024 with US$2.3 billion in new commitments as well as recent initiatives such as the new Island Resilience Facility or the pledge of up to US$2 billion in two years to the World Bank’s Mission 300 initiative for the electrification of Africa. 

Addressing a current global emergency, President Alkhalifa unveiled a new OPEC Fund Trade Finance Initiative for the period 2025-2030 “targeting billions in support to help countries” secure strategic imports, address trade-related liquidity gaps and strengthen resilience. He explained: “Trade is the cornerstone of development, but that foundation is cracking under pressure.” 

Held under the theme “A Transition That Empowers Our Tomorrow” the Development Forum attracted a record turnout of government representatives, heads of institutions, policy makers, development partners and opinion leaders. Offering keynote speeches, discussion panels, opportunities for bilaterals and networking, the event made a significant contribution to the global conversation that will shape the future of development. 

The President of Mauritania, Mohamed Ould Ghazouani, set out his country’s approach. “We are committed to solutions that promote equitable and sustainable development.” Speaking as the Forum’s guest of honor he emphasized Mauritania’s potential in agriculture, natural resources and as a possible transportation hub due to its geographical location on the west coast of Africa and added: “Our goal is to attract investment and mobilize resources for a transition that benefits everyone.” 

A day before the Development Forum a Mauritania Roundtable with the Heads of Institutions of the Arab Coordination Group (ACG) raised US$2 billion in pledges supporting priority sectors to stimulate growth and strengthen development. The financing will be directed to vital sectors, including energy, water, transportation and digital infrastructure to stimulate economic growth. 

The ACG is the world’s second-largest development finance group with ten members – including the OPEC Fund – united around shared values of South- South cooperation and solidarity. Last year the strategic alliance extended US$19.6 billion collectively to fund nearly 650 operations in more than 90 countries. 

In another opening address at the Development Forum, the Minister of Finance of Saudi Arabia, Mohammed Aljadaan, raised the question of energy access as a key challenge for development: “You need to secure basic needs first in order to unlock inclusive and sustainable growth,” he said. In order to facilitate and secure energy access he called on MDBs to support all forms of energy; accelerate the provision of concessional financing to the poorest countries; de-risk investments in developing countries to facilitate private sector investment; and invest in new technology to secure the transition to net zero. 

Less than five years before the 2030 deadline for the implementation of the Sustainable Development Goals (SDG) many speakers warned that delivery was far behind schedule. “Only 17 percent of the SDGs are currently on track,” Ghada Fathi Waly, Director-General of the UN Office at Vienna, warned and, quoting the International Monetary Fund, spoke of a “US$4 trillion annual financing gap for development.” Paraphrasing the Development Forum’s theme she said: “We must shape tomorrow, rather than let tomorrow shape us.” 

In the closing session “Forging a Green-Blue Future” OPEC Fund Vice President, Strategy Musab Alomar announced the allocation of US$3 billion for nature-based solutions for the period 2025-2030. “The OPEC Fund is firmly committed to supporting our development partners in scaling up engagement for the environment,” he said. Two thirds of the total amount have already been earmarked for concrete action. 

Other high-level participants at the fourth OPEC Fund Development Forum included the Vice President and Minister of Finance of the Republic of Botswana, Ndaba Nkosinathi Gaolathe; the Prime Minister of São Tomé and Príncipe, Américo d’Oliveira dos Ramos; the Prime Minister of the Solomon Islands, Jeremiah Manele; the Minister of Economy of Azerbaijan, Mikayil Jabbarov; the Minister of Planning and International Cooperation of Guinea, Ismaël Nabé; the Minister of Finance of Nepal, Ghanshyam Upadhyaya; the Minister of Finance and Economic Planning of Rwanda, Yusuf Murangwa; and the Minister Delegate to the Minister of Finance of Chad, Fatima Acyl. 

The goal to boost development support was achieved. The OPEC Fund signed US$362 million in new loan agreements during the Forum and announced the approval of US$720 million in new financing. A Country Partnership Framework agreement with Rwanda was also signed which earmarks US$300 million in financing for the next three years. Ahead of the Forum a dedicated Arab Donors Roundtable on the Sahel addressed strategies to mobilize greater support for the region’s urgent challenges. 

The next Development Forum, embedded in the celebrations of the OPEC Fund’s 50th anniversary, will take place on Tuesday, June 23, 2026. 

In Their Own Words 

Africa has a huge gap in financing infrastructure and more than US$100 billion is needed on a yearly basis. We need to establish a large coalition of development finance institutions, but also sovereign funds, pension funds and investment funds to bridge the finance gap. But for a long-term solution we also need the private sector as it brings capital as well as efficiency, speed and scale. 

-Sidi Ould Tah, outgoing President, Arab Bank for Economic Development in Africa (BADEA) and incoming President, African Development Bank (AfDB) 
 

The world is at a historic turning point. We are living through a pivotal moment. Countries of the Global South are called upon to play a more assertive role in redefining global balances. South-South cooperation must be one of the pillars of this new global architecture. From this perspective, I see the next 50 years as a unique opportunity for consolidation and innovation. 

-Mohamed Ould Ghazouani, President, Mauritania 

I urge the world to realize that actual lives are in extreme peril at the moment and that additional resources are urgently needed for the Caribbean and Small Island Developing States. 

-Daniel Best, President, Caribbean Development Bank (CDB) 
 

The OPEC Fund has been very clear in its mission, while adapting to the changing environment and using different tools. That’s something that AIIB has picked up. You have to be absolutely focused on your clients, really focused on the regions that you’re working in, and having a very, very strong balance sheet. Delivery is key and this is what we are measured against. 

-Andrew Cross, Chief Financial Officer, Asian Infrastructure Investment Bank (AIIB) 

Forums like this are very useful because they provide platforms for dialogue and for finding the right strategic partners. There’s no substitute for direct contact and one-on-one relations. We have found especially at the OPEC Fund Development Forum partners that share our values and that have experiences, insights and resources to help build the new Botswana. 

-Ndaba Nkosinathi Gaolathe, Vice President and Minister of Finance, Botswana 

The uncertainty created by trade protectionism and increasing unilateralism is making the landscape more challenging for MDBs. The development finance gap, the debt crisis in the developing world, budgetary constraints of donor countries and a shortfall in green and climate finance make it imperative to find new approaches to finance. 

-Yang Shaolin, Director General, Ministry of Finance, People’s Republic of China 

Our recent history is a story of building resilience and security in resources – energy, food and water – and future-proofing that resilience through investment in renewables and green technologies. Our goal is to build Azerbaijan’s future on human capital with investment in education and digital transformation. 

-Mikayil Jabbarov, Minister of Economy, Azerbaijan