Finance Minister Aziz Fayed, accompanied by a delegation from his ministerial department in Vienna (Austria), participated in the works of the Opec Fund for International Development (OFID) forum, according to a ministry statement.
According to the same source, the Opec Fund for International Development is holding its second forum on development with the participation of a number of personalities, including heads of government, ministers, heads of institutions, representatives of multinational development banks, international organizations and private sector actors.
This year’s session will seek to explore innovative approaches to address the scarcity of development capital, as well as the need to mobilize financial support for sustainable projects.
During this meeting, the participants will exchange visions on mobilizing resources and implementing strategies that promote comprehensive, sustainable and scalable solutions.
By focusing on transformative development models, regional cooperation and inclusiveness, the forum aims to identify new paths towards sustainable development, according to the ministry.
Among the current issues on the agenda are sustainable food systems, innovative climate solutions, partnerships and policies that prioritize people and the planet.
Mr. Fayed will take advantage of his presence in Vienna to participate in the ministerial session scheduled for today, Wednesday, which will be devoted to studying and approving reports of the fund’s activities, in addition to approving its annual financial statements, according to the statement.
On the other hand, this meeting will highlight the importance of the commitments made by this institution, which are embodied in the financing of many development projects in the countries covered by the Fund, in sectors such as agriculture, infrastructure development and energy.
The Director General of the Fund, Mr. Al Khalifa, had stated that “the global challenges we face today, such as the urgent food security crisis, the growing threats of climate change, and the imminent debt crisis, require strong and collective partnerships, and we will highlight it through the OPEP Fund Development Forum.”
“Together, we can launch models of cooperation and make a positive impact in the future,” he added.
The Fund is a multilateral development financing institution established in 1976.
Its current members are 12 countries: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela.
This Foundation works in cooperation with partners in developing countries to give impetus to economic growth and social progress in low- and middle-income countries.
To date, the OPEC Fund has allocated more than $24 billion for development projects in more than 125 countries.
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