UAE Chairs 45th Annual Session of OPEC Fund Ministerial Council

UAE, 3 July, 2024 : The United Arab Emirates chaired the 45th annual session of the OPEC Fund Ministerial Council in Vienna, Austria. The council reviewed the 2023 annual report and discussed the progress of the Fund's projects and initiatives.

His Excellency Mohamed Hadi Al Hussaini, UAE Minister of State for Financial Affairs, led the UAE delegation, accompanied by Thuraiya Hamid Alhashmi and Hammad Essa Al-Zaabi from the Ministry of Finance.

Al Hussaini expressed gratitude to the outgoing Chairman and praised the Fund's 2023 achievements. He emphasized the importance of the governing board's support and the hard work of the OPEC Fund's management and staff.

The session included Al Hussaini's election as Chairperson and the Venezuelan Minister of Economy and Finances as Vice-Chairperson. The 2023 annual report and financial statements were presented, and the OPEC Fund Strategic Framework 2030-Mid Term Review was discussed. The date and venue for the 2025 meeting were also set.

During his tenure, Al Hussaini will coordinate with the governing board and the Ministerial Council to facilitate the Council's work and support sustainable development efforts globally.

Established in 1976, the OPEC Fund for International Development collaborates with OPEC, developing country partners, and the international development community to promote economic growth and social progress in low- and middle-income countries. The Fund focuses on essential needs such as food, energy, infrastructure, employment, clean water, sanitation, healthcare, and education. It has committed approximately US$27 billion to development projects in over 125 countries, with a total project cost exceeding US$200 billion.

Source : www.mof.gov.ae