Saudi Arabia’s Minister of Finance, Mohammed Al-Jadaan, concluded his participation in the OPEC Fund for International Development Forum and the 47th Ministerial Council Meeting of the fund, held on June 23-24 in the Austrian capital, Vienna.
Forum Theme and Objectives
The events were held under the theme “A Transformation That Empowers Tomorrow” and aimed to discuss ways to enhance responses to global challenges, bringing together leaders, ministers, and heads of multilateral development finance institutions.
In his opening remarks, Al-Jadaan emphasized that the development challenge today is no longer limited to promoting economic growth alone but also includes building economies that are more resilient to global shocks, strengthening supply chain flexibility, and improving countries’ readiness to deal with escalating risks.
Call for Collaborative Action
Al-Jadaan said that no country can face global challenges on its own, stressing that development finance institutions, including the OPEC Fund for International Development, play a vital role in mobilizing resources, sharing knowledge, and supporting innovation to help countries address these challenges.
The minister also highlighted that sustainable development is achieved when solutions stem from the priorities of the countries themselves and that development finance strategies should therefore be anchored in deep partnerships with beneficiary countries, ensuring investments align with their national plans and long-term objectives.
Alignment with National Priorities
Al-Jadaan added that it is important for development finance institutions to broaden meaningful engagement with partner countries to ensure their financing strategies are fully aligned with the national priorities of beneficiary nations.
The minister also participated in the 47th Meeting of the Ministerial Council of the OPEC Fund for International Development, which convenes annually as the fund’s highest governing body to approve audited financial statements, annual reports on the fund’s activities, and other items submitted by management.
Council Sessions
The annual sessions of the council are held at the fund’s headquarters or at any other location determined by the council.
