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OPEC Fund for International Development (OFID)

IFAD, OFID and OPEC

The International Fund for Agricultural Development (IFAD) is a specialized agency of theUnitedNations, founded in1977 tomobi-

lize resources for agricultural development in the poorer regions of the world. OFID played a significant role in the establishment

of IFAD, channeling more than $861 million in contributions from OPEC Member Countries towards the agency’s initial capital

and first replenishment. Since IFAD’s creation, OFID has maintained its support of the agency, contributing to additional replen-

ishments of its resources. In

addition, OFID itself has given a

further $20masa specialcontri-

bution from its own resources.

The OPEC Fund fo r

International Development

(OFID) is the development

finance institution established

by the Member States of OPEC

in 1976 as a channel of aid to

the developing countries. OFID

worksincooperationwithdevel-

oping country partners and the

internationaldonourcommunity

to stimulate economic growth

and alleviate poverty in all dis-

advantagedregionsoftheworld.

It does this by providing financ-

ing to build essential infrastruc-

ture, strengthen social services’

deliveryandpromoteproductiv-

ity, competitiveness and trade.

OFID’s work is people-centred,

focusing on projects that meet basic needs — such as food, energy, clean water and sanitation, healthcare and education —

with the aim of encouraging self-reliance and inspiring hope for the future.

OFID was conceived at the Conference of the Sovereigns and Heads of State of Member Countries, held in Algiers, Algeria, in

March 1975. A Solemn Declaration “reaffirmed the natural solidarity which unites OPEC Countries with other developing coun-

tries in their struggle to overcome underdevelopment,” and called for measures to strengthen cooperation between these coun-

tries. In this spirit, OFID was established in January 1976 by the then 13 Member Countries of OPEC. Initially, it was called ‘The

OPEC Special Fund’. The idea was that OFID’s resources are additional to those already made available by OPEC States through

a number of bilateral and multilateral channels.

OPEC bulletin 11/17

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