OPEC Fund and AfDB Strengthen Ties at COP27

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OPEC Fund and AfDB Strengthen Ties at COP27
OPEC Fund and AfDB Strengthen Ties at COP27

Africa-Press – Liberia. The African Development Bank (AfDB) and the OPEC Fund for International Development have signed a Memorandum of Understanding to enhance co-financing of public and private sector projects, share knowledge and best practices and conduct joint diagnostic and analytical work across various sectors including energy, transport and water.

Dr. Abdulhamid Alkhalifa, Director-General, OPEC Fund, said in a statement, “Promoting sustainable development in Africa has been our focus, with more than half of our historic commitments dedicated to the continent. The MoU signals our ambition and preparedness to do more and support African economies in tackling the multiple development challenges they are facing.”

He added that “We share a common vision and values with the African Development Bank and look forward to boosting our impact across Africa.”

The move comes at a time when inadequate investments are hindering African oil and gas-producing countries to maximize the development and exploitation of hydrocarbon resources to address growing energy shortages and high fuel prices.

AfDB President Dr. Akinwumi Adesina, added that: “We are pleased to re-dynamize the partnership between the African Development Bank and the OPEC Fund for International Development. Our two institutions are focused on how to improve the lives of people and there is a very strong alignment between our approaches. The signing of this memorandum of understanding today will strengthen and deepen our cooperation even further.”

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