240 T
he OPEC Fund for International Development and the Arab Bank for Economic Development in Africa (BADEA) have signed a new agreement to strengthen
cooperation in common partner countries. Neither organization is new to working together. During the past four decades, the OPEC Fund and BADEA have collaborated on 240 development operations in sub-Saharan Africa. The two institutions have between them contributed equally to total development financing of around US$4.3 billion. These operations have supported many sectors and countries. Recent success in the health and education sectors in Burkina Faso, for example, was highlighted in the previous edition of the OPEC Fund Quarterly:
http://bit.ly/ OFQ_2020_1-Burkina There is far more work to be done, of course.
Home to 1.2 billion people, sub-Saharan Africa offers huge development opportunities. Recent slower-than-expected overall growth reflects ongoing global unpredictability, inflation, deficits, political and regulatory uncertainty, and fragility. But this slow pace also masks stronger performance in several smaller economies that continue to grow. Africa remains at the heart of the OPEC Fund’s
work. The OPEC Fund’s Director-General Dr Abdulhamid Alkhalifa met with his BADEA counterpart Director-General Dr Sidi Ould Tah on a recent mission to Khartoum, Sudan, to discuss reinforcing the two institutions’ partnership. The talks culminated in the signing of a Cooperation Framework Agreement defining the guiding principles of more effective cooperation across common partner countries. The OPEC Fund and BADEA are eyeing even more public and private sector development opportunities in the region.
OPEC Fund and US$4.3bn
BADEA collaborations in sub-Saharan Africa
Total development financing between them
The two director-generals met to sign the agreement on the sidelines of the 85th Meeting of the Coordination Group* Heads of Operations – another important driver of development cooperation, established to optimize the
application of resources and the giving of aid by the various Arab development funds. The Group also aims to establish clear links to promotepromote development assistance and economic relations in recipient countries, and to make the process blishing
mic relations the pr
easier for finance recipients by establishing common procedures.
The meeting included discussions about the Arab Development Portal – a Coordination h the U
s about the ination
Group initiative in partnership with the United UNDP) to
Nations Development Programme (UNDP) to provide up-to-date development-related data and statistics concerning the Arab world (see
bit.ly/OQ2019-ADP for more information). Cooperation with the World Bank and the OECD / DAC (Organisation for Economic Co-operation and Development’s Development Assistance Committee) – a forum to discuss issues surrounding aid, development and pover reduction in developing countries – was also covered.
ated data and d (see http:// rmation). nd the nomic
evelopment o discuss
t and poverty was also
OPEC Fund’s delegation included Assistant dvisor
In addition to the Director-General, theral, the ssistant
Director-General Fuad Albassam, Advisor Dr Sami Ben Daamech, Africa Region D
Belkacem Ouzrourou and Public Sector Officer Musab Alomar.
on Director ctor Officer
Home to 1.2 billion people, sub-Saharan Africa offers huge development opportunities. Recent slower- than-expected
overall growth [...] masks stronger performance in several smaller economies that continue to grow.
29
PHOTO: FS Stock/
Shutterstock.com
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