Emirates News Agency – Ministry of Finance, OPEC Fund for International Development discuss strengthening cooperation
DUBAI, 23rd May, 2022 (WAM) — Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, recently met with Dr. Abdulhamid Alkhalifa, Managing Director and Managing Director of the OPEC Fund for International Development (the OPEC) and his accompanying delegation to the headquarters of the Ministry of Finance in Dubai.
The meeting aimed to discuss ways to improve and strengthen cooperation between the UAE and the OPEC Fund.
The meeting was attended by Ali Abdullah Sharafi, Deputy Undersecretary of the International Financial Relations 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 relations and international relations Financial organizations. From the OPEC Fund, Tarek Sherlala, Deputy Managing Director, OPEC Fund, Financial Operations Department, and Ms. Martine Mills Hagen, Finance Manager, OPEC Fund attended the meeting.
During the meeting, Al Hussaini stressed the UAE’s willingness to contribute effectively in support of the Fund’s strategic plans and directions. “The UAE is committed to coordinating and working with various regional and international financial bodies, in particular the OPEC Fund for International Development, to design economic projects and provide development and technical programs and assistance to help achieve inclusive and sustainable economic development”.
The meeting also discussed a number of relevant developments, including the issuance of sovereign bonds by the UAE and investment aspects within the strategic framework of the Fund, ensuring that financial resources are diversified. to include capital market loan financing. The meeting also deliberated on ways to provide training and support to UAE citizens and university students to build their skills in this sector.
During the meeting, the Managing Director of the OPEC Fund previewed the latest plans and projects of the OPEC Fund for International Development. The Managing Director 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 transport, 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 the finance ministers of member states, with the aim of providing assistance to developing countries.