Saudi Finance Minister Mohammed al-Jadaan. (Archive photo: Reuters)
In a fresh collaboration, Saudi Arabia teamed up with the OPEC Fund and Somalia to aid the economic recovery of the East African nation.
The deal was penned by Saudi Finance Minister Mohammed al-Jadaan, Somali Finance Minister Bihi Egeh, and OPEC Fund’s chief Abdulhamid al-Khalifa during the OPEC Fund Development Forum and Ministerial Meeting in Vienna.
Somalia grapples with unrest, including violence from the al-Qaeda-affiliated al-Shabaab group and local disputes over land and water resources.
Global contributors are pitching in financially and through peacekeeping efforts to stabilize a country beset by security, food, and civil crises.
Saudi Arabia’s new pact aligns with the IMF and World Bank’s Heavily Indebted Poor Countries (HIPC) initiative, launched over two decades ago, aiming to ensure struggling nations aren’t overwhelmed by debt.
During the event, al-Jadaan recognized the hurdles confronting low-income countries and emphasized the crucial role of domestic actions in achieving sustained economic progress.
In other remarks, al-Jadaan spotlighted Saudi efforts to bolster non-oil revenues and diversify its economy under the Saudi Vision 2030 initiative. This includes labor market reforms, enhancing education and training for Saudi youth, improving conditions for private sector investment, and supporting SMEs (small and medium-sized enterprises).
Al-Jadaan also marked the opening of the expanded OPEC Fund headquarters at the refurbished Palais Colloredo-Mannsfeld on Vienna’s historic Wiener Ringstraße.
Based in Austria, the multilateral development finance institution was established in 1976 by OPEC members to foster cooperation with developed nations and provide financial and social support to low-income countries.
The annual Vienna forum centers on projects addressing fundamental needs such as food, energy, clean water, sanitation, healthcare, and education.
