Vienna: The Ministry of Finance of the United Arab Emirates participated in the 47th Meeting of the Ministerial Council of the OPEC Fund for International Development, held in Vienna, Austria. Senior officials and delegations from the Fund's member states were present at the meeting.
According to Emirates News Agency, the meeting covered several agenda items, such as the OPEC Fund's Annual Report for 2025, its financial statements, and various organizational matters. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasized that the UAE's participation underscores its commitment to fostering international cooperation and enhancing multilateral partnerships for sustainable economic and social development.
Al Hussaini highlighted the significant role of development finance institutions in channeling resources toward development priorities. He noted that these institutions enable developing countries to build resilient and sustainable economies. He remarked on the OPEC Fund's continued effectiveness in supporting vital projects and sectors that enhance community quality of life, stressing the UAE's dedication to expanding the impact of development finance globally.
Founded in 1976, the OPEC Fund for International Development is a multilateral development finance institution. It promotes cooperation among OPEC member countries, their developing partners, and the broader international development community. The Fund aims to contribute to sustainable economic and social progress, supporting stability and prosperity in low- and middle-income countries.
The Fund offers concessional financing, grants, and technical assistance to support development policies and programs in crucial sectors like agriculture, education, energy, health, and transport. It has financed development projects in over 125 countries worldwide.