The United Arab Emirates, represented by the Ministry of Finance, participated in the 46th session of the OPEC Fund for International Development (OFID) ministerial council meeting, held in Vienna, Austria. The delegation was led by His Excellency Muhammad bin Hadi Al Hussaini, Minister of State for Financial Affairs. The group included Thuraya Al Hashimi, Director of the International Financial Relations and Organizations Division at the Ministry of Finance and OFID’s governor, and Hamad Al Zaabi, Director of the Minister of State’s Office and the alternate governor at the fund.
The meeting reviewed the annual report of the fund’s activities for 2024, focusing on assessing progress made in the implementation of the fund’s plans and projects. Furthermore, it addressed challenges posed by the changing global development landscape, including energy and food security, climate change, and the need for sustainable job creation. Participants explored opportunities to strengthen cooperation among developing countries and build sustainable partnerships between OFID and regional and international development finance institutions to enhance efficient responses to the needs of beneficiary nations.
In a speech at the meeting, Al Hussaini praised the significant accomplishments achieved in the past year, noting it as a pivotal moment in the fund’s journey toward expanding its operations and enhancing its resilience and adaptability to challenges. He stated, “This year marks the 49th anniversary of OFID’s establishment, reflecting the robustness of the vision on which the fund was founded and its leadership role in promoting sustainable development in the global South. Over the past year, OFID has demonstrated exceptional institutional performance, guided by a clear approach within the 2030 strategic framework, enabling it to respond effectively to rapid changes and provide flexible and actionable development solutions across various sectors.”
The minister remarked, “We recognize that the global development landscape is undergoing numerous changes, with governments in various regions facing challenges ranging from food security to energy provision, climate change adaptation, and job creation needs. Amidst these changes, pressures on the development finance system are intensifying at an unprecedented pace. In this context, OFID can play a central role in supporting countries by activating South-South cooperation and offering a wide range of financial solutions, underpinned by its broad credibility worldwide.”
Enhancing Development Efforts
The OPEC Fund for International Development is a multilateral development financing institution founded in 1976. It aims to promote cooperation among member countries of the Organization of the Petroleum Exporting Countries (OPEC), as well as partners from developing nations and the international development community, to support sustainable social and economic progress in low and middle-income countries worldwide. It also seeks to achieve stability and prosperity in beneficiary nations by providing technical and financial support, including concessional financing, grants, and technical assistance that supports development policies across various sectors such as agriculture, education, energy, health, and transportation. Since its inception, the fund has disbursed over $27 billion to support more than 4,000 development projects with a total cost exceeding $200 billion across more than 125 countries.