UAE Chairs 45th Annual Session of the OPEC Fund Ministerial Council

The United Arab Emirates today chaired the 45th annual session of the OPEC Fund Ministerial Council held in Vienna, Austria. During the meeting, council members discussed the annual report for 2023, as well as the latest developments and progress of the Fund’s projects and initiatives.

His Excellency Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, headed the UAE delegation. He was accompanied by Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organizations at the UAE Ministry of Finance and OPEC Fund Governing Board Representative, and Hammad Essa Al-Zaabi, Director of the Minister’s Office at the UAE Ministry of Finance and OPEC Fund Alternate Governing Board Representative.

Sustainable Support

His Excellency Mohamed Al Hussaini expressed his gratitude to the outgoing Chairman for his leadership over the past year and congratulated the President of the OPEC Fund for the achievements recorded in 2023.

His Excellency Al Hussaini said: “I believe this was accomplished with the support and guidance of the governing board as well as the hard work of the management and staff of the OPEC Fund. As the Fund strives for greater impact this year, I am confident it will surpass the achievements of the previous year with the support and guidance of the governing board and this Council.”

Discussions

The session covered a comprehensive agenda, which included the election of the His Excellency Al Hussaini as Chairperson, and the Minister of People’s Power of Economy and Finances of the Bolivarian Republic of Venezuela as Vice-Chairperson. The organisation’s 2023 annual report and financial statements were presented, information was shared on the OPEC Fund Strategic Framework 2030-Mid Term Review, and a date and venue were set for the 2025 Ministerial Council meeting, among other matters.

During the tenure of His Excellency Mohamed Hadi Al Husseini as Chairperson of the OPEC Fund for International Development, from June 2024 until the next meeting of the Ministerial Council in 2025, work will be carried out in coordination with the Fund’s governing board and members of the Ministerial Council, to facilitate the work of the Council, follow up on all topics that will be presented, and take all decisions regarding them. This reflects the UAE’s leading international status, and its role in supporting sustainable development efforts around the world.

The OPEC Fund for International Development was established in 1976. It works in cooperation with the Organization of the Petroleum Exporting Countries (OPEC) and developing country partners and the international development community, to stimulate economic growth and social progress in low- and middle-income countries around the world.

It focuses on projects addressing essential needs such as food, energy, infrastructure, employment, clean water and sanitation, healthcare, and education. It has committed about US$27 billion to development projects in over 125 countries, with a total project cost exceeding US$200 billion.