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How does OPEC help other countries?
For decades, OPEC and its Member
Countries have found different ways
to help poor countries. Much of this
has been through individual Member
Country national funds which have
made donations and aid available to
poor countries, through bilateral and
multilateral arrangements.
Another way that OPEC helps
is through the
OPEC Fund for
International
Development
(OFID), which
helps finance
projects with low-
interest loans.
During the First
OPEC Summit in
Algiers, Algeria, held
in 1975, OPEC Member
Countries asked the
international community—
especially developed
countries—to work
together to help respond
to the challenges facing
developing countries.
Following this Summit, in January
1976, OPEC’s Member Countries
decided to establish the OPEC Special
Fund. This later became known as
the OPEC Fund for International
development (OFID).
WHAT IS OFID?
The OPEC Fund for International
Development (OFID) is an
institution that provides funding and
other support to developing countries
around the world. According to
the agreement establishing OFID,
all developing countries (with
the exception of OPECMember
Countries) are eligible for OFID
assistance.
OFID is active in many regions of the
world. So far, people in 122 countries
in Africa, Asia, Latin America, the
Caribbean, the Middle East and
Europe have benefited fromOFID’s
programmes. These programmes
have included clean water and energy
projects; building schools, hospitals
and roads; and developing industry
and expanding trade opportunities.
These programmes have been
financed by low-interest loans that
OFID provides to the public sector
in recipient countries. OFID also
provides financing for private sector
projects in developing countries,
and provides grants to social and
humanitarian projects.
OFID’s financial resources come
from its investments, loans and
the voluntary contributions made
by OPECMember Countries. By
the end of June 2013, OFID’s total
approved commitments stood at US$
15.7 billion (of which US$ 10.1 billion
has been disbursed).
For more information, visit
or write to: OFID,
Parkring 8, 1010 Vienna, Austria.
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