New framework for sustainable development with OPEC Fund

The Maldivian government and the OPEC Fund for International Development have signed a Country Partnership Framework (CPF) today in order to further empower important industries for development in Maldives and to aid in sustainable development goals.

The Finance Ministry stated that under this agreement, priority will be given to overcome climate change, sustainable urban development, renewable energy, stabilizing the financial sector and urban development in islands.

The Minister of Finance Moosa Zameer is currently on a diplomatic visit to the main headquarters of the OPEC Fund at Vienna, Austria, with the framework that was signed being a framework that would provide financial and technical aid via the OPEC Fund that was designed with Maldives' national development policies in mind.

The main purpose of this is to expand urban development, establish fair regional development and to ensure sustainable economic development, said the ministry.

Zameer stated that this was an important step in further strengthening the bond between the OPEC Fund and Maldives.

"The new CPF shows the importance we place on expanding urban development, establishing fair regional development and ensuring sustainable economic development," said Zameer.

Zameer also highlighted that this would also greatly aid the government's work in expanding urban development in islands.

As per Zameer, this is something that is needed to facilitate economic opportunities at the island level, provide services and transport as well.

Zameer went on to say that the quality of life for island residents and island economies will see a positive change due to the investments being made to urban development in islands.

"In the capacity of a developing archipelagic nation, we have to face climate change and international obstacles. And so, establishing such connections is needed in order to receive long-term loans for important projects such as harbors, transport systems, water, sewerage and renewable energy," said Zameer.

Zameer said that the OPEC Fund has been aiding Maldives in various sectors since 1977.

The ministry stated that Zameer held discussions regarding Maldives' economic and financial status and financial aid required for climate change.

The OPEC Fund has assured that they would continue to provide financial aid to small archipelagic nations under their Small Island Developing State (SIDS) Initiative and the Green-Blue Connect Program.

The ministry said that with the signing of the new framework, it would carve new paths in the work done with the OPEC Fund, with much needed aid being received in establishing a steady and sustainable economy that can face obstacles.