Vienna [Austria], June 22 (ANI/WAM): Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, has participated in the second OPEC Fund Development Forum and the 44th session of the Ministerial Council of the OPEC Fund for International Development, which were held in Vienna, Austria.

The discussions focused on regional cooperation for development, opening new horizons for collaboration, enhancing financing opportunities for comprehensive sustainable development, and forging new paths towards sustainable development.

The UAE delegation accompanying Al Hussaini included Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs, and Thuraya Hamed Al Hashemi, Acting Director of Relations and International Financial Organisations at the Ministry of Finance.

Minister Al Hussaini emphasised the significance of these meetings, as they provide a vital platform for decision-makers, representatives of international organisations, companies and civil societies to communicate and exchange knowledge on means to advance the development and stimulate economic growth and social progress in low- and middle-income countries around the world.

He added, “The UAE is keen to continue working and coordinating with various strategic partners, especially the OPEC Fund for International Development, to combat the challenges the world is witnessing today, such as food security, inflation, debts and climate change. This falls within our keenness to promote global development and create a better tomorrow for all.”During the forum, which was held under the slogan “Driving ResilienceEquity”, various sessions were held, such as “Towards a Transformative Development Model” which discussed innovative solutions to the scarcity of development capital, restrictive policies and the need to leverage financial support for sustainable projects.

Additionally, a session titled “Regional Collaboration as a Catalyst for Scalable Solutions” was held to highlight the power of regional cooperation and prosperous development initiatives. The Closing Conversation was held under the title “Policies and Partnerships that Prioritize People and Planet,” it focused on empowering women, youth and entrepreneurs to access financing solutions and overcome systemic barriers hindering progress towards sustainable development.

The 44th Ministerial Council Session meeting of the OPEC Fund for International Development (OFID) reviewed the annual report and financial statements for 2022, as well as the operations and projects implemented during 2022.

The meeting also discussed the latest business developments and the progress made on the Fund’s plans and projects during 2022. Furthermore, the OFID Director-General was reappointed for the next term, starting from 1st November 2023, for a period of five years. (ANI/WAM)