Maldives, OPEC Fund sign new partnership framework

The Maldives and the OPEC Fund for International Development have signed a new Country Partnership Framework to guide future cooperation on development priorities.

The agreement was signed at the OPEC Fund headquarters in Vienna during an official visit by the Minister of Finance and Planning, Moosa Zameer, on Tuesday.

According to the Ministry of Finance and Planning, the framework sets out a basis for aligning the OPEC Fund’s financing and technical support with the Maldives’ national development agenda. The areas covered include climate resilience, infrastructure development, renewable energy and fiscal management. The framework also places emphasis on public infrastructure projects in the outer islands.

Zameer said the agreement would strengthen cooperation between the Maldives and the OPEC Fund and support national development efforts.

He said the framework would support projects related to infrastructure, connectivity, service delivery and economic activity in island communities. He added that infrastructure investment in the islands would have a direct impact on livelihoods and local economies.

Zameer said partnerships were required to mobilise long-term financing for projects such as ports, transport links, water and sanitation systems and renewable energy facilities. He said such projects were intended to address climate risks and support development.

He also acknowledged the OPEC Fund’s previous support to the Maldives in sectors including water and sanitation, transport, health, education and fisheries.

Since 1977, the OPEC Fund has provided more than USD 440 million in development finance to the Maldives through loans, private sector operations, trade finance and grants.

During the visit, discussions were held on macroeconomic conditions, climate financing and areas for further cooperation. The OPEC Fund said it would continue to support Small Island Developing States through its SIDS Initiative and the Green-Blue Connect programme.

The Ministry of Finance and Planning said the new framework would guide future cooperation with the OPEC Fund and support national efforts to address development and climate-related challenges.