Saudi Minister of Finance Mohammed Aljadaan has participated in the forum and ministerial meetings of the OPEC Fund for International Development, which were held on June 20 and 21, in Vienna, Austria, with the participation of the Ministers of Finance of OPEC Fund's member states.

The forum included several sessions where participants discussed the current development landscape, the future of development financing, sustainable food systems, climate innovation for a sustainable future and policies and partnerships that prioritize people and the planet.

During His speech in the forum, under the theme "The Development Landscape and the Future of Development Finance," Aljadaan said that "Multilateral Development Banks are one of the main ways to support sustainable development globally, by providing multilateral solutions to development issues. They evidently made extraordinary efforts to support low- and middle-income countries since 2020."

"While COVID-related challenges have subsided, the global economy is facing multiple overlapping challenges, including food insecurity, inadequate access to water and energy and rising debt levels, with the poorest countries affected the most. Thus, multilateral development banks need to reinvigorate themselves to deliver a more ambitious, nationally driven, and globally coordinated effort that improves peoples' lives in an inclusive, sustainable and just manner," Aljadaan added.

Aljadaan chaired yesterday the 44th ministerial meeting of the OPEC Fund for International Development.

In his opening speech at the ministerial meeting, Aljadaan expressed his thanks to the members of the Board of Directors for electing him as the Chair of the Council for the coming year, noting that the Fund has achieved a lot, despite many global challenges.

He said that the Fund's current mission is to enable it to achieve sustainable growth and deepen its impact in developing countries, adding that the Fund has grown in terms of both the volume of development finance, with 48 remarkable and new engagements, and over $1.6 billion in loans. The newly established Development Effectiveness Report shows evidence that projects actually deliver impact and change peoples' lives.