OPEC Fund calls for increased cooperation to ensure equitable development

At a development forum held on Tuesday June 25 in Vienna, oil-exporting countries and some of their partners called for increased international cooperation to ensure equitable and sustainable development.

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The Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development held its third development forum on the theme of “Fostering Resilience and Equity.”

The event brought together government leaders, heads of international organizations and representatives of the global development community to assess current challenges and explore new ways to achieve equitable development.

OPEC Fund President Abdulhamid Alkhalifa said the forum was an opportunity to review the architecture of development finance at a critical time, and called for more discussions on strengthening institutions, innovating infrastructure and investing in people to promote better global development.

The President of the Republic of Sierra Leone, Julius Maada Bio, said during the forum that the world now faces multifaceted challenges ranging from economic inequality and climate change to health crises and education deficits. However, these challenges also offer an opportunity to forge stronger partnerships and design innovative solutions that can promote sustainable and inclusive growth, he said.

He highlighted the importance of international collaboration, innovation and increased investment in infrastructure, technology and the digital transition.

Liao Min, Chinese Vice Minister of Finance, said China, as a member of the Global South, will actively support the efforts of the OPEC Fund and other international organizations to help them play a greater role, fully mobilize public and private sector investments and contribute to global development and poverty reduction.

Xinhua/VNA/CVN