RIYADH: Saudi Arabia’s accumulated savings, rich natural resource base, and state capabilities put it in a good position to pursue sustained economic development, according to the finance minister.
During the OPEC Fund Development Forum and Ministerial Meeting, held from June 25 - 26 in Vienna, Mohammed Al-Jadaan acknowledged the challenges low-income developing nations face while noting that each country’s actions drive sustained economic development over time, the Saudi Press Agency reported.
This falls in line with the Kingdom’s strong commitment to being a global leader in sustainable development as well as the fact that the nation’s government is the largest provider of official development assistance in the Gulf region in terms of volume.
During the meeting Al-Jadaan also noted Saudi Arabia’s efforts to boost non-oil revenues and diversify its economy strategically, as part of Vision 2030, which targets opening up new sectors that provide the foundation for sustainable growth in production and non-oil exports.
The minister further highlighted efforts to bolster female workforce participation, enhance education and training for Saudi youth, and improve the private sector investment ecosystem, including support for small- and medium-sized enterprises.
Al-Jadaan also underlined the significance of having a clear strategic focus and strong political leadership to drive and stimulate reforms, along with the willingness to adjust implementation plans based on lessons learned.
Meanwhile, at the forum, the minister finalized a trilateral agreement with Abdulhamid Al-Khalifa, president of the OPEC Fund, and Somalia’s Minister of Finance Bihi Iman Egeh to support economic recovery in the African country.
The deal aims to reduce Somalia’s burden with the OPEC Fund and resume financing operations, aligning with the International Monetary Fund and World Bank’s Enhanced Heavily Indebted Poor Countries initiative.
Launched in 1996, the HIPC initiative aims to prevent poor countries from facing unmanageable debt burdens.
During the forum, the minister also participated in the inauguration of the OPEC Fund’s expanded headquarters at the renovated Palais Colloredo-Mannsfeld on Vienna’s historic Ringstrasse.
Furthermore, on the sidelines of the forum, the Saudi Export-Import Bank and the OPEC Fund for International Development concluded a memorandum of understanding to enhance cooperation in activating development initiatives and expanding the presence of Saudi non-oil exports in mutually beneficial markets.
“The MoU with the OPEC Fund for International Development comes within the framework of the bank’s commitment to strengthening international partnerships and contributing to sustainable development initiatives in cooperation with the international community, in addition to focusing fully on developing Saudi non-oil exports in global markets, and paving the way for local investors,” said Saad Al-Khalb, CEO of the Saudi EXIM Bank.
"This is in order to empower the non-oil national economy and create a diversified and comprehensive economy in accordance with the goals of the Kingdom’s Vision 2030,” he added.
During the Governing Board meeting, the OPEC Fund for International Development approved $605 million in fresh financing to expand its portfolio and activities.
These approvals prioritize key development areas such as global food security, climate action, and critical infrastructure projects.
Established in 1976 by the member states of OPEC, the OPEC Fund is a multilateral development finance institution based in Austria aimed at fostering cooperation among its member states and other developed countries to assist developing nations, particularly low-income countries, in achieving social and economic progress.
