(MENAFN - Khaleej Times) The opec fund for international development?s (ofid) highest policy-making body the ministerial council on friday convened its 35th session in doha to review performance and set policy for the vienna austria-based institution for the coming year.
the council re-elected qatar represented by ali shareef al emadi minister of economy and finance as chair. algeria represented by mohamed djellab minister of finance was elected as vice-chair.
the highlight of the meeting was the formal readmission of the republic of ecuador to the institution after a break of almost 21 years. the latin american country suspended its membership in december 1992. its rejoining restores the number of ofid member countries to 13. announcing ecuador’s readmission al emadi said that the ofid welcomed its return that “exemplifies ecuador’s strong commitment towards development and support of south-south cooperation in the belief that the ofid is the strongest channel for this support.”
ecuador was represented at the meeting by daniel esteban torres leon national director of the rest of the public sector ministry of finance who delivered a statement on behalf of the minister of finance fausto herrera.
in further remarks to the council al emadi paid tribute to the ofid’s recent accomplishments.
“the past years have proved that the ofid’s efforts through all its financing facilities are working in complete synergy to serve its noble objective and our ministerial council stands ready to fully support this stride” he said. reporting to the council on the work of the governing board in 2013 board chairman abdul wahab ahmed al bader of kuwait revealed that a record 1.5 billion had been approved in fresh financing for development. disbursements had also climbed to an unprecedented high exceeding 1.1 billion.
in his own statement to the council ofid director-general suleiman al herbish highlighted the ofid’s rising influence in the global development arena. he noted that the ofid was positioned as the “strategic hub” of two important international initiatives: sustainable energy for all and the global partnership for effective development cooperation.
“the ofid is not merely implementing the global development agenda but shaping it as well.”
the director-general pointed out the increased responsibility attached to ofid’s enhanced stature especially with regard to the post-2015 development goals. ofid he said would be involved in defining “the what and the how” of the new agenda. “we believe we are well placed to play our part and we count on the continued trust and support of member countries to make this possible” he stressed.