Dr. Abdulhamid Alkhalifa, director-general of the OPEC Fund for International Development (OFID), highlighted that since its establishment, the organization has committed $27 billion to support over 4,000 development projects in more than 125 countries. In 2023 alone, funding reached a record-breaking $1.7 billion, benefiting 55 projects worldwide. These initiatives aim to promote social and economic resilience as well as sustainable growth.
UAE’s significant role in supporting OFID
Dr. Alkhalifa praised the significant role played by the UAE in supporting OFID since its inception. As an OPEC member state, the UAE has contributed to the fund’s initiatives and projects that promote sustainable development on a global scale. He made these statements to the Emirates News Agency (WAM) during the ongoing World Governments Summit (WGS) 2024 in Dubai. Dr. Alkhalifa commended the UAE’s unwavering commitment to mobilizing significant funding and its emphasis on energy transition, which aligns with the goal of supporting sustainable development and forging strategic alliances.
Fostering international cooperation at WGS 2024
Speaking about the WGS 2024, Dr. Alkhalifa underlined its role in stimulating international cooperation and envisioning the future of governments and governmental work. He described the summit as an ideal platform for enhancing partnerships by bringing together international organizations, decision-makers, experts, and innovators. Also, Dr. Alkhalifa acknowledged the summit’s value in facilitating discussions on governmental processes, policies, and future trends, with the aim of achieving comprehensive and sustainable development through concerted efforts.
Focus on low- and middle-income countries
The OPEC Fund for International Development, established in 1976, is a multilateral development finance institution. Its membership comprises 12 countries: the UAE, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela. Moreover, as an organization, OFID collaborates with the global community to stimulate economic growth and social progress in low- and middle-income countries worldwide.
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