VIENNA, June 27, 2024 /PRNewswire/ -- The third OPEC Fund Development Forum, a global South-South cooperation event, concluded with firm commitments, new project signings and partnership agreements in Vienna today. Partners vowed to tackle urgent global development issues such as climate change, food security and energy transition and to accelerate progress towards the 2030 Agenda for Sustainable Development.
The Forum, hosted by the OPEC Fund for International Development, attracted more than 350 public and private sector development partners, who discussed pressing topics such as strengthening institutions, developing smart infrastructure and building human capacity. Focusing on concrete results, the OPEC Fund announced US$585 million in fresh financing approved by its Governing Board.
The institution also celebrated the 25th anniversary of its private sector operations and inaugurated its extended Headquarters in Vienna, following the renovation of the Palais Colloredo-Mannsfeld on the historic Ringstrasse.
OPEC Fund President Abdulhamid Alkhalifa said: "Our collective efforts at this Forum have laid the groundwork for impactful initiatives that will drive progress in addressing global challenges. Collaboration and innovation are key to our success. We are committed to turning plans into action and to delivering effective solutions together with our partner countries."
New signings and announcements during the high-level events week included:
Partnerships for global food security and climate resilience:
Promoting climate resilience and the global energy transition
Strengthening commitment to Central Asia:
Mobilizing the private sector for development:
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The OPEC Fund also signed cooperation agreements with member countries Saudi Arabia to expand cooperation and the UAE to collaborate with the World Governments Summit Organization, a global brain trust dedicated to shaping the future of governments and organizer of an annual summit of global leaders.
About the OPEC FundThe OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed about US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.
Contact: Basak PamirT+43151564174B.Pamir@opecfund.org
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