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Ministry of Finance, OPEC Fund for International Development discuss bolstering cooperation

May 23, 2022
finance & economy

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, recently met with Dr. Abdulhamid Alkhalifa, Director-General and Chief Executive Officer of the OPEC Fund for International Development (the OPEC Fund) and his accompanying delegation at the Ministry of Finance’s headquarters in Dubai.

The meeting sought to discuss means of enhancing and bolstering cooperation between the UAE and the OPEC Fund.

The meeting was attended by Ali Abdullah Sharafi, Assistant Undersecretary of the International Financial Relationship Sector at the Ministry of Finance, Ahmad Khaled bin Sulaiman, Director of Federal Debt Management at the Ministry of Finance, and Abdullah Ahmed Al Obaidly, Director of Relations and International Financial Organisations. From the OPEC Fund, Tarek Sherlala, OPEC Fund Assistant Director-General of the Financial Operations Department, and Ms. Martine Mills Hagen, Head of Funding at the OPEC Fund attended the meeting.

During the meeting, Al Hussaini emphasised the UAE's keenness to contribute effectively to supporting the Fund’s strategic plans and directions. 'The UAE is committed to coordinating and working with various regional and international financial bodies, especially the OPEC Fund for International Development, to devise economic projects and provide development and technical programmes and aid to help achieve inclusive and sustainable economic development.'

The meeting also discussed a number of relevant developments, including the UAE’s issuance of sovereign bonds and investment aspects within the Fund's strategic framework, ensuring that finance resources are diversified to include financing capital market loans. The meeting also deliberated means of providing training and support for UAE citizens and university students to strengthen their skills in this sector.

During the meeting, Director-General of the OPEC Fund previewed the latest plans and projects of the OPEC Fund for International Development. Director-General also noted that during the 2021-2023 work plan, the Fund will continue to support partner countries based on its strategic directions, while focusing on transportation, agriculture, energy, trade finance, as well as private sector lending, including banking and financial services.

The OPEC Fund for International Development is a multilateral development finance institution established in January 1976 and managed by finance ministers of member states, with the aim of providing aid to developing countries.

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