OPEC Fund, Indonesian AID join hands to co-finance and develop global projects

The OPEC Fund for International Development (OPEC Fund) and the Indonesian Agency for International Development (Indonesian AID) have formalised their partnership by signing a memorandum of understanding aimed at bolstering global development efforts. The agreement, signed in Jakarta, sets the stage for increased collaboration in climate action, food security, renewable energy, health, and capacity building.

The partnership will focus on co-financing projects and facilitating the identification and preparation of critical infrastructure, health, and sustainable development initiatives, particularly in least developed countries and Small Island Developing States, according to a release.

The agreement was signed by OPEC Fund vice president of strategy, Musab Alomar (pictured, left), alongside Indonesian AID CEO, Tormarbulang Lumbantobing (pictured, right).

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OPEC Fund president Abdulhamid Alkhalifa highlighted the importance of Indonesia's role as a founding member of the OPEC Fund and a strong proponent of the 2030 Agenda for Sustainable Development.

"Strengthening ties with OPEC Fund member country development agencies enhances our ability to deliver impactful solutions in food security, renewable energy, and health in partner countries. Through our shared goals and collaboration, we will increase impact and improve livelihoods, while driving progress toward the delivery of the Sustainable Development Goals," Alkhalifa stated.

"As a newly developing organisation, we are very pleased to collaborate with the OPEC Fund. We can learn a lot from the best practices of the OPEC Fund, especially in terms of project management. Collaboration in certain projects with the OPEC Fund will also further enhance the role of Indonesian AID in development in OPEC Fund partner countries," Lumbantobing said.

This collaboration builds upon the OPEC Fund's long-standing commitment to fostering economic and social progress worldwide, as well as Indonesian AID's mission to strengthen global alliances and implement high-impact development programmes.

Founded in 1976, the OPEC Fund has provided over US$29 billion in financing to more than 125 countries, supporting critical sectors such as infrastructure, energy, clean water, healthcare, and education.

Indonesian AID was established under a regulation issued in October 2019, aiming to combat poverty, hunger, and inequality, protect the climate, and promote global peace and security, among other goals.

Recently, in response to healthcare challenges in Vanuatu, particularly the shortage of skilled nurses, Indonesian AID has partnered with the government of Vanuatu and the Indonesian health ministry to conduct training programmes aimed at enhancing the medical competencies of Vanuatuan nurses. This initiative seeks to address the quality gap in healthcare services and ensure continued delivery of high-quality medical care in Vanuatu.

In addition, Indonesian AID and the Islamic Development Bank have supported the construction of a new intensive care unit at East African University Hospital in Bosaso, Somalia, providing healthcare services to over 700,000 residents in Bosaso.

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