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OPEC Fund for International Development

OFID

Last modified: 2014-05-29 by zoltán horváth
Keywords: ofid | opec | international organizations |
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[OPEC flag]
image by Zoltan Horvath, 15 February 2011


See also:


Overview

OPEC Fund for International Development
El Fondo OPEP para el Desarollo Internacional (Spanish)
Le Fonds OPEP pour le développement international (French)
Sandiwaq al-Obek lit-Tanmiyah ad-Dawliyya (Arabic)

The OPEC Fund for International Development (OFID) is a multilateral development finance institution established in 1976 by the Member Countries of the Organization of the Petroleum Exporting Countries (OPEC). Its objective is to reinforce financial cooperation between OPEC Member Countries and other developing countries, by providing financial support to the latter for their socio-economic development. The resources of OFID are also used to provide grants for food aid, technical assistance, research and similar intellectual activities. One of the institutions central aims is to advance South-South solidarity. The OFID has been headquartered in Vienna, Austria since 1976. It has 12 member states. (http://www.ofid.org/about/member_countries.aspx)
Zoltan Horvath, 15 February 2011

Following the First OPEC (Organization of the Petroleum Exporting Countries) Heads of State Summit in Algiers, Algeria in 1975, the Finance Ministers of Member Countries proposed the creation of a new multilateral financial facility to channel OPEC aid to developing countries. Known initially as the 'OPEC Special Fund,' this facility was one of several bilateral and multilateral development institutions set up at around this time by the OPEC and Arab countries. Its resources were additional to those already earmarked for official development assistance (ODA) by the OPEC nations. The Fund, which was originally intended to be a temporary facility, started operations in August 1976 with an initial endowment of $800 million and within little over a year its resources had doubled. By the end of 1977 it had extended 71 loans to 58 developing countries as well as channeling donations from its Member Countries to other development institutions including the IMF Trust Fund and the International Fund for Agricultural Development (IFAD). The OPEC Fund became a fully fledged, permanent international development agency in May 1980.
Ben Cahoon, 8 March 2011


The Flag

Its flag is horizontally divided, light blue and medium blue with its oval logo in the middle of the flag. Ratio is 2:3.
More information and image of flag: http://www.ofid.org/about/corporate_id.aspx
Zoltan Horvath, 15 February 2011


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