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DEVELOPMENT NEWS


OPEC FUND AND EBRD PREPARE FOR INCREASED COOPERATION


T


he OPEC Fund has signed an amended Memorandum of


Understanding (MoU) with the European Bank for Reconstruction and Development (EBRD) to support increased development cooperation. The MoU provides a platform for enhanced engagement and strengthens the ability of the two development institutions to co-finance sovereign and non-sovereign projects, improve joint project preparation and technical assistance, and enhance knowledge sharing.


Signing the agreement on behalf of the OPEC Fund, Director-General Dr. Abdulhamid Alkhalifa said: “As the pandemic continues to play out across the globe, it is more important than ever for us to work together toward our common cause. We must continue to innovate and become more agile to meet rapidly changing demands in our operating environment. Our strategic framework guides us to drive development, strengthen communities and empower people. This aligns with EBRD’s focus on equality of opportunities through access to skills and employment, finance and entrepreneurship support.” The EBRD’s Acting President Jürgen


26 “


In the context of the pandemic we are working with partners like the OPEC Fund to strengthen development cooperation.


Jürgen Rigterink, Acting President, EBRD


21


The OPEC Fund has co-financed


transactions with EBRD


Rigterink said: “The coronavirus pandemic of 2020 has been a huge challenge to the countries where the EBRD works. At the EBRD, we have responded by committing all our activity in 2020 and 2021 – expected to amount to ¤21 billion – to countering its economic impact. In that context we are working with multiple partners globally to strengthen development cooperation, notably with the OPEC Fund, with which we have today agreed to jointly work


PHOTO: EBRD


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