Gulf Construction Online - Opec Fund sets $27bn for 4,000 development projects

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Opec Fund sets $27bn for 4,000 development projects

15-02-2024

The OPEC Fund for International Development (OFID) has committed $27 billion to support 4,000 development projects in over 125 countries since its inception, said a report, citing its top official.

Founded in 1976, OFID is a multilateral development finance institution with 12 member countries - UAE, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia and Venezuela.

The organisation collaborates with the global community to stimulate economic growth and social progress in low- and middle-income countries worldwide.

In 2023 alone, the OFID funding reached a record $1.7 billion through 55 projects worldwide, thus bolstering initiatives promoting social and economic resilience and sustainable growth, stated Dr Abdulhamid Alkhalifa, OFID Director-General while speaking to Wam during the World Governments Summit (WGS) in Dubai.

"The UAE has played a significant role in supporting the fund since its establishment in 1976, contributing as an Opec member state in the fund's initiatives and projects aimed at promoting sustainable development globally," he stated.

He lauded the UAE's unwavering commitment to mobilising significant funding and its focus on energy transition aligns with efforts to support sustainable development and other strategic alliances.

On the role of WGS in stimulating international cooperation and envisioning the future of governments and governmental work, Alkhalifa said the summit seeks to enhance international cooperation, serving as an ideal platform to enhance partnerships by bringing together international organisations, decision-makers, experts, and innovators.

Underscoring the WGS' crucial role in fostering international cooperation and envisioning the future of governance, Dr Alkhalifa lauded the platform's ability to convene international organizations, decision-makers, experts, and innovators to strengthen partnerships.

He recognised the summit's immense value in facilitating discussions on governmental processes, policies, and future trends, aiming for concerted efforts towards achieving comprehensive and sustainable development.