The seventeenth ministerial meeting of the International Energy Forum will begin in Riyadh today, Sunday, with the participation of ministers, officials and leaders in the energy sector, to discuss security of supplies, market stability, and enhancing cooperation between producing and consuming countries, at a time when geopolitical risks are increasing that threaten oil and gas flows and raise the importance of infrastructure flexibility and export pathways.
The meeting, which is hosted by Saudi Arabia in cooperation with Italy and Nigeria, is being held under the slogan “Energy Security and Common Goals in a New Era,” as part of a series of international meetings and events hosted by the Saudi capital between October 11 and 15, bringing together government officials, leaders of companies, international organizations, and experts from around the world.
Energy security discussions are gaining increasing importance in light of supply disruptions and risks surrounding sea lanes, most notably the Strait of Hormuz, and the questions they raise about the ability of markets to deal with shocks, secure energy flows, and provide alternative paths for export when traditional shipping methods are disrupted.
The week's agenda is not limited to security of supply, but extends to investment in the energy sector, the transformations witnessed in global demand, the use of digital technologies and artificial intelligence, the development of clean energy sources, carbon management, and the role of vital minerals in building future energy systems.
Clean energy and innovation are on the agenda
In parallel with the Ministerial Meeting of the International Energy Forum, Riyadh will host, from October 11 to 13, the 17th Clean Energy Ministerial Meeting (CEM17), and the 11th Ministerial Meeting of the “Mission of Innovation” Initiative (MI-11), with the participation of ministers, officials, and leaders from the private sector and research and innovation institutions.
These meetings focus on accelerating the development of clean energy technologies and expanding their scope of application, and transforming innovations into practical solutions that support transformations in energy systems, while examining ways to enhance cooperation between governments, companies and research centers, and supporting technologies capable of increasing efficiency and reducing emissions.
These files reflect the expansion of the international debate on the future of energy, which is no longer limited to increasing production and securing supplies, but also includes investing in new networks and technologies, meeting the growing demand for electricity, and achieving a balance between energy security, affordability, and sustainability.
The World Petroleum Congress starts tomorrow
The week's activities will continue with the official opening of the 25th World Petroleum Energy Conference (WPC Energy), tomorrow, Monday, at the Riyadh Exhibition and Convention Center, under the slogan “Paths towards an energy future for all,” with its activities and accompanying exhibition continuing until October 15.
The conference brings together energy ministers, company leaders, experts and investors, and discusses, through strategic and ministerial sessions, files on oil and gas markets, energy security and investment, artificial intelligence and digital transformation, vital minerals, carbon management, natural gas, and the development of the global energy mix.
The program also includes technical workshops and seminars organized by the Organization of Arab Petroleum Exporting Countries (OAPEC) during the conference days, expanding the scope of discussion to include technical and applied aspects in addition to policies and investments.
Together, the meetings and events aim to provide a space for dialogue between governments, producers, consumers, companies and international institutions, at a stage when energy markets face intersecting challenges related to geopolitics, reliability of supplies, investment needs, and rapid technical changes.
World Bank President Ajay Banga said that the bank is in talks with between 30 and 40 countries about providing assistance to confront energy shocks and rising prices resulting from the war in the Middle East, warning that pressures on developing economies may increase in the coming months.
Banga explained, in an interview with Reuters before the start of the annual meetings of the International Monetary Fund and World Bank in Bangkok, that the global economy has shown a degree of flexibility, supported by large investments in artificial intelligence and adjustment in oil markets in terms of supply and demand. This contributed to limiting countries’ recourse to the emergency financing window of $25 billion, which the bank made available when the war broke out in late February.
But he pointed out that the sharp rise in diesel and fertilizer prices, in addition to the risks associated with the “El Niño” climate phenomenon, increases the challenges facing developing countries, especially in light of the high borrowing costs and the depletion of government financial resources due to the repercussions of the “Covid-19” pandemic and the wave of inflation that followed the Russian invasion of Ukraine.
Banga said that more countries may resort to available financing in the coming months, noting that the bank is ready to provide between 50 and 60 billion dollars through the initial financing window, in addition to redirecting resources from previously approved projects. He added that the amount of available financing may rise to $100 billion if conditions deteriorate, a level that exceeds $70 billion that the bank disbursed during the “Covid-19” pandemic.
According to World Bank estimates, the obligations owed by developing countries to external creditors will amount to about $400 billion in 2026, and interest payments alone represent a third of this amount, which increases pressure on the budgets of these countries and their ability to finance their development needs.
Investment flows do not arrive evenly
In parallel with efforts to respond to the crisis, the World Bank announced last month that it had succeeded in attracting $112 billion in private capital during the year ending in June, compared to $69 billion in the previous year, and more than three times the level recorded in 2022.
Banga said that these flows came in addition to $123 billion that the bank invested from its own resources during the same period, bringing the total financing to $235 billion, at a time when Western countries sharply reduced their bilateral development aid.
However, the increase in private financing was more concentrated in middle-income economies, as upper-tier countries, such as Argentina and India, attracted about $50 billion, while lower-tier countries, including Bangladesh and Angola, received $37 billion. In contrast, flows to low-income countries did not exceed about $3 billion.
Banga said that enhancing capital flows to smaller economies still faces challenges, pointing to new initiatives that the bank intends to announce during the current meetings to expand access to private financing for micro, small and medium enterprises.
He added that the bank expects private capital flows to continue to grow in the coming years, supported by expanding political investment risk guarantees, increasing financing in local currencies, and continuing regulatory reforms that facilitate the entry of foreign investors.
Debt swaps for development finance
Regarding the debt file, Banga said that the World Bank and the IMF are working together to address the high levels of debt in developing countries, including helping governments enhance domestic revenue collection.
He pointed out that the bank has already launched debt-for-development swap operations in Angola and Côte d'Ivoire, in addition to a guarantee based on a financing portfolio for Argentina, and is working on more than 12 additional projects in this field.
He explained that the bank has 14 to 15 projects in preparation, aiming to help countries replace new, less expensive debts with old, more expensive debts thanks to the bank’s guarantees, while directing the resulting savings to education, health care, water, and nature protection programs.
These moves come at a time when developing countries face simultaneous pressures from rising energy prices and borrowing costs, while debt burdens limit their ability to finance the services and investments necessary to support growth.
