Latest news with #OpecFund
Gulf Today
17-07-2025
- Business
- Gulf Today
Spain allocates $232.03 million to support investments in Mauritania
The Spanish government announced a €200 million ($232.03 million) financial package to bolster its investments in Mauritania, along with the launch of the digital platform 'Kantara' aimed at fostering direct connections between economic players in both countries. The announcement came following the conclusion of the first high-level session between Mauritania and Spain, which included the Mauritanian-Spanish Business Council, and was attended by Mohamed Ould Cheikh El Ghazouani, President of Mauritania, and Pedro Sánchez, Prime Minister of Spain. According to the Mauritanian Information Agency, the closing session featured pledges and investment commitments. In his remarks, Sanchez said the €200 million package will be channelled into loans for green projects, feasibility studies, risk mitigation instruments, and project implementation tools, particularly in the field of energy transition. He also announced that Spain will appoint its first economic and trade representative in Mauritania as of 1st September. President El Ghazouani emphasised that Mauritania offers a wide range of promising investment opportunities in key sectors such as fisheries, agriculture, livestock development, extractive industries, infrastructure - including roads, bridges, airports, and public buildings - as well as in services, gas, and mining. Earlier the Opec Fund for International Development (Opec Fund) and the Islamic Republic of Mauritania have signed a landmark Country Partnership Framework Agreement to cooperate on key development initiatives during the period 2025-2027, earmarking $120 million in new development financing focusing on the country's development priorities. The funding will finance critical projects that contribute to projects promoting renewable energy, clean water, food security, improved transport and clean cooking. In addition the Opec Fund is pledging to provide up to $500,000 in grants for capacity-building, project preparation and technical assistance. Opec Fund President Abdulhamid Alkhalifa said during a visit to the capital Nouakchott: 'We are proud to help improve the lives of people and communities for a more resilient future. Our commitment to Mauritania is focused on bolstering key sectors of the economy.' 'Technical assistance and strong project preparation are vital to mobilise additional development funding, enable public-private partnerships (PPPs) and attract private sector investment.' The Ministry of Economy and Tourism has signed two Memoranda of Understanding with the Spanish Patent and Trademark Office and the Moroccan Industrial and Commercial Property Office, aimed at strengthening cooperation in the development of intellectual property (IP) in the UAE in line with international best practices. The MoUs were signed in the presence of Abdullah bin Touq Al Marri, Minister of Economy and Tourism, during the UAE delegation's participation in the Sixty-Sixth Series of Meetings of the Assemblies of the Member States of the World Intellectual Property Organisation (WIPO) in Geneva. The agreements cover several strategic areas, including digital transformation, talent development, and enhanced coordination in industrial property and patent registration. They also seek to harness advanced technologies, such as artificial intelligence, to support patent search and classification processes. Minister Bin Touq highlighted the UAE's continued commitment to building a comprehensive IP ecosystem and fostering global partnerships. He noted that collaboration with Spain and Morocco represents a significant milestone in exchanging technical knowledge, streamlining registration procedures, and adopting modern compliance standards. Earlier the UAE Ministry of Investment and UN Trade and Development (UNCTAD) have signed a Memorandum of Understanding (MoU) to strengthen cooperation in investment policymaking, research, and sustainable economic development. This partnership underscores the UAE's commitment to harbouring an investment-friendly environment and reinforcing its role as a global business hub; and aligns with UNCTAD's commitments to ssupport countries to effectively access the benefits of a globalised economy. Through this collaboration with UNCTAD, the UAE is advancing the vision outlined in the National Investment Strategy 2031, strengthening its position as a premier global investment hub by capitalising on its world-class infrastructure, ease of doing business, progressive regulatory frameworks and strategic geographical location. The MoU was signed by Mohammad Abdulrahman Alhawi, Under-Secretary at the UAE Ministry of Investment, and Nan Li Collins, Senior Director of Investment and Enterprise at UNCTAD. The UAE Ministry of Investment and UNCTAD will establish a framework for cooperation to enhance investment policymaking, facilitate capacity-building initiatives, and promote sustainable economic growth. WAM
Zawya
19-06-2025
- Business
- Zawya
Saudi Minister of Finance stresses energy diversification
Minister of Finance Mohammed Aljadaan emphasised that energy security is not a luxury but a fundamental pillar for achieving development and comprehensive growth. He noted that the absence of reliable energy access hampers progress across vital sectors such as healthcare, education, economic productivity, environmental sustainability, water extraction, and food security. Aljadaan made these remarks during his speech at the Opec Fund for International Development Forum, held in Vienna, Austria, reported SPA. He extended his appreciation to the Opec Fund for organising the forum, which highlights the critical role of economic reforms in strengthening national resilience, addressing financial and economic challenges, and achieving sustainable and inclusive development. The minister underscored that economic reforms aimed at achieving prosperity and tackling development challenges must prioritise securing basic needs, chief among them access to energy. He pointed out that energy poverty affects 1.2 billion people worldwide, with repercussions that transcend borders, including economic instability, rising migration pressures, and growing humanitarian burdens. Aljadaan affirmed that Saudi Arabia is committed to working collaboratively with the international community to enhance global energy security and eliminate energy poverty while simultaneously advancing efforts to combat climate change. He reiterated the Kingdom's ambitious target of generating 50% of its electricity from renewable sources by 2030 and achieving net-zero emissions by 2060, in alignment with the circular carbon economy framework.
Gulf Today
18-06-2025
- Business
- Gulf Today
Event highlights progress on Opec Fund's plans and projects
Business Bureau, Gulf Today The United Arab Emirates, represented by the Ministry of Finance, participated in the 46th session of the Ministerial Council of the Opec Fund for International Development (OFID), held in Vienna, Austria. The UAE delegation was headed by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included Thuraiya Hamid Alhashmi, Director of the International Financial Relations and Organisations Department at the Ministry of Finance and Governor to the Opec Fund for International Development, and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs and Alternate Governor to the Fund. The meeting discussed the Opec Fund's Annual Report for 2024 and focused on evaluating the progress made in implementing the Fund's plans and projects. It also addressed the challenges posed by the rapidly evolving global development landscape, particularly in areas such as energy and food security, climate change, and the need to create sustainable job opportunities. Participants also discussed ways to strengthen South-South cooperation and build sustainable partnerships between the Opec Fund and regional and international development finance institutions to enhance the efficiency of responses to beneficiary countries' needs. Flexible Development Solutions: In his speech during the meeting, Mohamed Bin Hadi Al Hussaini praised the tangible achievements made over the past year, which marked a milestone in the Fund's journey toward expanding its operations and enhancing its resilience and adaptability. He stated: 'This year marks the 49th anniversary of the Opec Fund's founding, reflecting the strength of its founding vision and its pioneering role in promoting sustainable development across the Global South.' 'Over the past year, the Fund has demonstrated outstanding institutional performance, driven by a clear approach under the 2030 Strategic Framework, enabling it to effectively respond to rapidly evolving conditions and deliver flexible and actionable development solutions across various sectors.' He added: 'We recognise that the global development landscape is undergoing significant changes, with governments across our regions facing multiple challenges—from food security and energy provision to climate change adaptation and job creation. Amidst these challenges, the pressure on the development finance system is growing at an unprecedented pace. In this context, the Opec Fund can play a central role in supporting countries by advancing South-South cooperation and offering financial solutions that span a wide range of sectors and instruments, in addition to its strong global credibility.' The Opec Fund for International Development is a multilateral development finance institution established in 1976. It works to strengthen cooperation between Opecmember countries and development partners from the Global South and the international development community. Its mission is to support sustainable social and economic progress in low- and middle-income countries worldwide, contributing to stability and prosperity in beneficiary countries by offering technical and financial assistance through concessional financing, grants, and development-focused aid across sectors such as agriculture, education, energy, health, and transport. Since its inception, the Fund has committed over $27 billion to support more than 4,000 development projects with a total estimated cost exceeding $200 billion across more than 125 countries. Meanwhile the Arab Coordination Group (ACG) extended $19.6 billion collectively to fund nearly 650 operations in more than 90 countries in 2024. This significant financing was geared towards developing critical infrastructure, addressing global challenges like climate change and food security, and supporting international trade. The ACG Heads of Institutions gathered in Vienna for their 20th annual meeting hosted by the Opec Fund for International Development (Opec Fund). Ahead of the Fourth International Conference on Financing for Development (FFD4) which is scheduled to take place from June 30 to July 3, 2025 in Spain, the group reaffirmed its commitment to scaling-up financial assistance for sustainable development. The top three sectors supported by ACG financing last year were energy (29 per cent), agriculture (20 per cent) and the financial sector (16 per cent). Over 45 per cent of the total financing promoted global trade, ensuring the movement of critical products and supporting small and medium-sized enterprises. In 2024, approximately 20 per cent of the ACG's commitments were dedicated to Africa, aligned with the $50 billion pledge made by the group in November, 2023.
