Our Past Shapes Who We Are Today And Inspires Who We Can Become Tomorrow

(MENAFN- Caribbean News Global) By Axel Reiserer, OPEC Fund

The year 2026 marks the 50th anniversary of the establishment of the OPEC Fund for International Development.

In five decades, the institution has grown from humble beginnings to becoming a globally recognized development financier. It has expanded its volume, scope and outreach many times over. It has evolved from a“Special Account” to a financial institution with an AA+ rating and the ability to successfully issue bonds on the international capital markets. Yet one thing has not changed – solidarity. The principle and practice of solidarity stood at the birth of the OPEC Fund and remains the central theme for everything the institution does.

Solidarity with the Global South. Solidarity with people fighting poverty, suffering from hunger or affected by climate change. Solidarity with nations struggling to establish a foothold in the global economy. Solidarity focused on lives and livelihoods, empowerment and self-determination. Based on these foundations, the OPEC Fund has become a remarkable success story. And to paraphrase the old saying, success has many parents.

The strength of the mandate as set out by the founders; the generous financial contributions and proactive engagement of the member countries; the alignment of partner countries and business partners with sustainable development; the wise counsel provided by the institution's leadership; and the commitment of staff to the cause of working toward a world where sustainable development is a reality for all.

Remarkable progress has been made along this road and when we look back at the OPEC Fund's history, we often find the institution playing a pioneering role at key moments of global development, including the fight against hunger (see page 23) energy poverty (page 43) initiatives to help highly indebted poor countries (page 39) the refugee crisis (page 44) food insecurity (page 55) climate action (page 54)

The active role in global initiatives is reflected in a significant expansion of financial commitments, which grew from US$1.8 billion in 2019 to US$2.3 billion in 2024, while dramatically deepening the OPEC Fund's impact when measured against the Sustainable Development Goals (see page 54).

While financing is the instrument, impact is what development institutions and multilateral development banks are measured against. The OPEC Fund Development Effectiveness Framework shows remarkable results across the board.

One of the preconditions for success is staying true to a comprehensive and inclusive concept. It is empirically clear that limiting half of humanity's potential curtails economic and social development. In a Special Feature, our magazine explores the OPEC Fund's long-standing commitment to women in development (see page 76 onwards)

What is also clear is that development never stops. It is a rarely linear, ever-evolving process. Periods of gain do not insulate nations from regression and no country may claim immunity from global turbulence, as our overview demonstrates (see page 68)

Yet for the OPEC Fund this is a clear mandate to redouble our efforts and reinforce our engagements. President Abdulhamid Alkhalifa says:“Our priorities are straightforward. First, we need to mobilize much more capital. Second, we are deepening our work at country level. And third, we remain laser-focused on results. That mindset is our engine for the future” ( see page 64

This was also the guiding idea for this Special Edition of our magazine

Thank you to all those who have made this happen, who are making this happen and who will make this happen.

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