UNOSSC signs first MOU with an international financial institution
New York (19 September 2023): The United Nations Office for South-South Cooperation (UNOSSC) and the OPEC Fund for International Development (the OPEC Fund) signed a Memorandum of Understanding Tuesday to strengthen their collaborative work. UNOSSC and the OPEC Fund will work closely together to promote and support South-South and triangular cooperation initiatives, partnerships and activities for the achievement of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals.
OPEC Fund Director-General Abdulhamid Alkhalifa said: “The OPEC Fund is deeply committed to fostering South-South cooperation and forging strong partnerships to collectively advance global sustainable development. Through close collaboration, knowledge sharing and resource mobilization among nations, we can unlock the full potential of South-South and triangular cooperation.”
“The world today faces unprecedented challenges in its pursuit of sustainable development. However, these challenges also present boundless opportunities for cooperation and collaboration among nations,” said Dima Al-Khatib, UNOSSC Director. “The signing of this Memorandum of Understanding will enable us to harness these opportunities by generating synergies among organizations, institutions and countries.”
UNOSSC and the OPEC Fund will collaborate on South-South and triangular cooperation projects; organize joint events and advocacy activities; develop and enhance evidence-based knowledge products; and implement capacity development and learning initiatives.
The importance of South-South cooperation and financing cannot be overstated. Member States emphasized during the 21st session of the High-level Committee on South-South Cooperation, that by leveraging innovative financing architecture through engagement with various financial institutions and sovereign funds, we can unleash untapped potential while complementing traditional funding sources and initiatives.
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. Established in 1976, the organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. To date, the OPEC Fund has committed more than US$24 billion to development projects in over 125 countries.
For media interviews or for more information, please contact: