VIENNA: Acting General Director of the Kuwait Fund for Arab Economic Development (KFAED), Waleed Al-Bahar, underscored the importance of OPEC’s third development forum, affirming Kuwait’s constant support for sustainable development efforts across the globe. Speaking to KUNA, Al-Bahar explained that the three-axis forum handles sustainable development goals and challenges they might face.

“This year’s edition examines enhancing institutional abilities, improving the performance of corporations and individuals, and expediting smart, sustainable infrastructure, which underwent a concerning regression that reflected quite clearly on sustainable development,” he added. On the Fund’s contribution, Al-Bahar commented that they took part yesterday in a meeting for Arab funds, a meeting held annually to discuss important topics and coordinate positions.

He highlighted the Fund’s projects, which have reached 105 countries in Asia, Africa, and Latin America since its inauguration in 1961. On the geopolitical and health challenges facing development, he stated that the coronavirus pandemic affected the progress of a number of projects as the health sector took priority. Al-Bahar further added that they are now looking into environmental projects providing clean energy.

Meanwhile, Head of the OPEC Fund for International Development, Dr Abdulhamid Al-Khalifa, emphasized on Wednesday the significance of the outcomes of the Third Development Forum organized by the Fund for the third consecutive year. On the occasion of opening the new Fund building in Vienna, Dr Al-Khalifa said in a statement to KUNA that the topics discussed at the forum focused on the significance of sustainable development.

He explained that the Development Forum addressed three main topics: enhancing infrastructure development and maximizing its benefits through technology and artificial intelligence (AI). It also discussed the necessity of enhancing focus on human resources, and the last topic was the importance of collaboration between donors and beneficiaries to achieve developmental goals.

Dr. Al-Khalifa highlighted Kuwait’s role within the Fund, affirming that in this regard it’s the second largest contributor after Saudi Arabia in the Fund’s budget, as Kuwait’s support for development is known worldwide, not only through OPEC but through other development funds. He pointed out the cooperation between the Kuwait Fund for Arab Economic Development and the OPEC Fund on several projects in developing countries.

He clarified that financial pledges by donors often take the form of commitments, but what matters most is altering these commitments into tangible actions on the ground. This implies knowledge-sharing activities in developing countries to assist them in developing long-term and sustainable plans. Dr Al-Khalifa provided a brief history of the OPEC Fund, established in 1976 with Kuwait as one of the founding countries. Since then, the Fund has engaged in developmental activities in nearly 125 countries worldwide. — KUNA