Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Al-Mashat, OPEC Fund Discuss Mutual Cooperation, COP27 Participation

Sat 09 Apr 2022 | 12:35 PM
Omnia Ahmed

Minister of International Cooperation Rania Al-Mashat met with the OPEC Fund's officials to discuss cooperation and COP27 participation.

Al-Mashat had a meeting with Dr. Abdulhamid Alkhalifa, the Director-General of the OPEC Fund and Mr. Musab Alomar, the OPEC Fund’s Director of the MENA, Eastern Europe and Central Asia.

The bilateral meeting comes as a part of the joint annual meetings of the Arab financial institutions held in Jeddah, Saudi Arabia, under the patronage of the Custodian of the Two Holy Mosques.

During the meeting, Al-Mashat applauded the joint relations with the OPEC Fund for International Development, and its role in strengthening the country’s efforts to achieve sustainable development, by financing the implementation of many projects in priority sectors.

Furthermore, the minister noted the partnership with the OPEC Fund to support efforts in transitioning towards a green economy, including the Assiut Power Plant project that has a capacity of 650 megawatts; in which $35 million development financing was secured.

In the same vein, Al-Mashat indicated that the second phase of the project to develop and rehabilitate irrigation stations to reduce water loss secured $53.2 million, highlighting a project to develop micro, small and medium enterprises (MSMEs) to boost job opportunities worth $95 million.

The discussions also touched on the OPEC Fund's objective in participating in the activities of the COP27, hosted by Egypt in Sharm El-Sheikh, emphasizing cooperation on climate action through an Arab Coordination Group.

The minister discussed enhancing cooperation with the OPEC Fund regarding initiatives and partnerships with the United Nations on climate resilience and efforts to achieve sustainable development, while also stimulating food security efforts, and participating in the ongoing discussions with multilateral and bilateral development partners to stimulate financing efforts through innovative and blended finance.

Al-Mashat also commended the participation of the OPEC Fund in the first edition of the Egypt - International Cooperation Forum (Egypt - ICF), which was held last September, under the patronage of President Abdel Fattah El-Sisi.

She invited the fund’s officials to participate in the second edition, continuing efforts to enhance cooperation through multilateralism to support development on the national and regional level.

It is worth noting that joint relations between Egypt and the OPEC Fund began in 1976, aiming to drive development, and project financing in several vital sectors such as food, energy, infrastructure, employment, SMEs, and water and sanitation.

In the over 4 decades, many joint agreements have been implemented, with development financing amounting to over $1.5 billion.