Al Hussaini participates in the second OPEC Fund Development Forum and Ministerial Council Meeting

22 June 2023

His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, participated in the second OPEC Fund Development Forum and the 44th session of the Ministerial Council of the OPEC Fund for International Development, which were held in Vienna, Austria. The discussions focused on regional cooperation for development, opening new horizons for collaboration and enhancing financing opportunities for comprehensive sustainable development, as well as forging new paths towards sustainable development.

The UAE delegation accompanying His Excellency Al Hussaini included Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs, and Thuraya Hamed Al Hashemi, Acting Director of Relations and International Financial Organisations at the Ministry of Finance.

His Excellency Mohamed Bin Hadi Al Hussaini emphasised the significance of these meetings, as they provide a vital platform for decision makers, representatives of international organisations, companies and civil societies to communicate and exchange knowledge on means to advance development and stimulate economic growth and social progress in low- and middle-income countries around the world.

His Excellency said: “The UAE is keen to continue working and coordinating with various strategic partners, especially the OPEC Fund for International Development, to combat the challenges the world is witnessing today, such as the food security, inflation, debts, and climate change. This falls within our keenness to contribute to promoting global development and creating a better tomorrow for all.”

During the forum, which was held under the slogan “Driving Resilience & Equity”, various sessions were held such as “Towards a Transformative Development Model” that discussed innovative solutions to the scarcity of development capital, restrictive policies and the need to leverage financial support for sustainable projects.

Additionally, a session titled “Regional Collaboration as a Catalyst for Scalable Solutions” was held to highlight the power of regional cooperation and successful development initiatives. The Closing Conversation was held under the title “Policies and Partnerships that Prioritize People and Planet,” and it focused on empowering women, youth and entrepreneurs to access financing solutions and overcome systemic barriers that hinder progress towards sustainable development.

The 44th Ministerial Council Session meeting of the OPEC Fund for International Development (OFID) reviewed the annual report and financial statements for the year 2022, as well as the operations and projects implemented during 2022.  The meeting also discussed the latest business developments and the progress made on the Fund’s plans and projects during 2022. Furthermore, the Director-General of the OPEC Fund for International Development was reappointed for the next term starting from November 1, 2023, for a period of five years.

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