Reaffirming Kuwait’s longstanding commitment to international development cooperation and sustainable economic growth, Minister of Finance Dr. Yaqoub Al-Rifai led Kuwait’s delegation to the 47th Ministerial Council meeting of the OPEC Fund for International Development in Vienna, where member states discussed strategies to confront mounting global economic challenges and strengthen development partnerships worldwide.
The meeting was attended by Acting Director General of the Kuwait Fund for Arab Economic Development, Waleed Al-Bahr, and formed part of ongoing international efforts to strengthen cooperation to confront global economic challenges and support sustainable development in developing nations.
The statement noted that the Ministerial Council reviewed several strategic issues related to the Fund’s future direction and development priorities, in addition to examining its financial and operational performance for 2025.
Discussions also focused on enhancing the Fund’s ability to respond effectively to mounting economic and developmental challenges amid accelerating global changes and increasing pressures on economic stability and development pathways worldwide.
During the meeting, Minister Al-Rifai congratulated the OPEC Fund on the occasion of its 50th anniversary, describing the milestone as a significant chapter in the institution’s history of developmental achievements.
He affirmed that Kuwait, as one of the founding members of the OPEC Fund for International Development, takes pride in its continued contribution toward supporting the Fund’s mission and strengthening its institutional capabilities since its establishment.
The ministry stated that Kuwait expressed support for a proposal submitted by the Kingdom of Saudi Arabia to conduct an independent review of the structure and operational mechanisms of the Board of Governors.
The proposal aims to strengthen corporate governance and improve the efficiency of decision-making processes in line with international best practices adopted by multilateral financial and development institutions.
On the sidelines of the meeting, Minister Al-Rifai held discussions with President of the OPEC Fund, Dr. Abdulhamid Al-Khalifa, to enhance cooperation between Kuwait and the Fund in the areas of capacity building, development of national competencies, and exchange of technical expertise.
In a related context, Minister Al-Rifai met with Kuwaiti professionals working at the OPEC Fund in Vienna, where he emphasized the government’s commitment to empowering national talents and supporting their representation in international institutions.
