KUWAIT CITY/Vienna, June 24 – Kuwait’s Minister of Finance, Dr. Yaqub Al-Rifaei, led the country’s delegation to the 47th Ministerial Council meeting of the OPEC Fund for International Development, held Wednesday in Vienna, Austria, coinciding with the Fund’s 50th anniversary. The meeting brought together ministers, governors, and senior officials from member countries to review key strategic priorities, financial performance, and operational results for 2025.
The discussions focused on enhancing the Fund’s capacity to respond effectively to global economic and development challenges amid rapidly evolving international conditions. Participants explored ways to strengthen institutional governance and improve decision-making efficiency. Notably, Kuwait supported a proposal by Saudi Arabia to conduct an independent review of the Board of Governors’ structure and mechanisms, aiming to align the Fund’s operations with best practices observed in other multilateral financial and development institutions.
Dr. Al-Rifaei reaffirmed Kuwait’s longstanding commitment as a founding member to supporting the Fund’s mission and praised its achievements over the past five decades. He emphasized Kuwait’s pride in contributing to the Fund’s development initiatives and strengthening its institutional capabilities. The minister also highlighted the importance of the OPEC Fund as a platform for fostering international cooperation on sustainable development, infrastructure investment, energy security, food security, and South-South collaboration.
On the sidelines of the meeting, Dr. Al-Rifaei held discussions with OPEC Fund President Dr. Abdulhamid Al Khalifa regarding opportunities to enhance cooperation, particularly in capacity building, developing national competencies, and exchanging technical expertise. Both sides expressed interest in expanding Kuwait’s engagement with the Fund’s programs to support Kuwait’s national development priorities and increase the participation of Kuwaiti professionals within international financial institutions.
In a separate engagement, the Minister met with Kuwaiti staff employed at the OPEC Fund, acknowledging their valuable contributions to the institution’s operations and development objectives. He underscored the Kuwaiti government’s dedication to empowering national talent and maintaining direct communication with professionals abroad, viewing this as essential for reinforcing Kuwait’s presence in global institutions and expanding future opportunities for Kuwaiti expertise on the international stage.
The Kuwaiti delegation included Acting Director General of the Kuwait Fund for Arab Economic Development, Waleed Al-Bahar, Governor to the OPEC Fund; Assistant Undersecretary for Technical Services Saad Al-Alati; Acting Director General for Economic Affairs Saad Al-Rashidi; and Ambassador Talal Al-Fassam, Permanent Representative to international organizations in Vienna.
The OPEC Fund for International Development was established in 1976 to mobilize resources for financing development projects and initiatives in developing countries. Its 50th anniversary was marked by leadership remarks emphasizing the Fund’s role in promoting sustainable development and fostering global partnerships to address emerging economic and energy challenges.