The Ministerial Council of the OPEC Fund for International Development (The OPEC Fund) re-appointed today Dr. Abdulhamid Alkhalifa for a second five-year term as Director-General of the multilateral lending institution.  

Dr. Alkhalifa, a citizen of the Kingdom of Saudi Arabia, was first elected Director-General of the OPEC Fund in June 2018 and assumed his position on November 1, 2018. During his first tenure as Director-General, he spearheaded the transformation of the OPEC Fund, guided by the Strategic Framework 2030, which aims to further expand the OPEC Fund’s reach and impact.

HE Mohammed Al-Jadaan, Minister of Finance, Kingdom of Saudi Arabia and Chairman of the OPEC Fund Ministerial Council said: “We are delighted to announce that Dr. Alkhalifa has been reappointed as the Director-General of this great institution. Member countries of the OPEC Fund unanimously endorsed Dr. Alkhalifa’s re-election and he has our full support to advance the noble cause of our institution in the coming years. The OPEC Fund’s impressive achievements to date are a testament to his strong leadership and clear evidence of the significant progress towards the full execution of Strategic Framework 2030.”

Under Dr. Alkhalifa’s leadership the OPEC Fund has launched important institutional enhancements and delivered annual new commitments of around US$1.5 billion in support of global sustainable development, addressing urgent global challenges such as the COVID-19 pandemic, the global food security crisis and climate change.

The OPEC Fund also took significant steps towards addressing the twin challenge of securing energy access and combatting climate change, adopting the first designated Climate Action Plan in September 2022, committing the institution to double its climate financing to 40 percent of new commitments by 2030.

Director-General Dr. Alkhalifa said: “I am deeply humbled by the confidence and steadfast support expressed by our member countries. This re-appointment is an overwhelming vote of confidence in the entire OPEC Fund leadership team and staff and it will further sharpen our focus on supporting our partner countries and their sustainable long-term development. Our goal is to advance socio-economic development and improve people’s lives around the world.”

Prior to his appointment as Director-General of the OPEC Fund, Dr. Alkhalifa held a number of leadership positions in the government of Saudi Arabia,  including Deputy Secretary General of the Saudi Public Investment Fund, Vice Chairman and board member of the Saudi Real Estate Refinance Company and Vice Chairman and board member of the Saudi Energy Efficiency Company.

Following graduation in the United States of America with a Masters in Applied Economics from Southern Methodist University in Dallas, Texas, and a PhD in Economics from the University of Miami, Florida, Dr. Alkhalifa embarked on an international career. He held positions as Alternate Executive Director of the World Bank Group and as Member of the Board Executive Committee and Chairman of the Audit Committee of the Islamic Corporation for Private Sector Development at the Islamic Development Bank Group.

New projects approved

The OPEC Fund’s Governing Board also approved the following new projects at its meeting today.

Eswatini: A US$ 20 million loan will be extended to the Kingdom of Eswatini for the Mkhondvo Ngwavuma Water Augmentation project to contribute to food security, poverty reduction and resilience to climate change, through supporting water and irrigation infrastructure development.

Uzbekistan: A US$ 47.2 million loan to partially finance the reconstruction and upgrading of the МЗ9 road, a major transport and travel connection that will improve the connectivity in southern Uzbekistan.

Western and Central Africa: A US$20 million loan will be extended as part of a trade finance facility.

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About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$24 billion to development projects in over 125 countries with an estimated total project cost of US$190 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA, Outlook Positive by S&P. Our vision is a world where sustainable development is a reality for all.