(MENAFN- The Peninsula) H E Ali Sherif Al Emadi, Minister of Finance, chaired the 36th meeting of Opec Fund for International Development (OFID), in Vienna.
The Minister noted that members decided to fund OFID with a billion dollars to expand its operations across the board.
OFID is the development finance institution established by the member states of Opec in 1976 as a collective channel of aid to the developing countries.
OFID works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services delivery and promote productivity, competitiveness and trade.
OFID's highest policy making body, the Ministerial Council, held its 36th annual session in Vienna on Tuesday, to review performance and set policy for the institution for the coming year.
The highlight of the meeting was the approval of a new corporate strategic plan, which sets the framework for OFID's operational activities and institutional development for the next 10 years (2016€2025).
Addressing the Council, Al Emadi, who is also the outgoing chairman, described the agenda as a "significant strategic work plan that focuses on resilience, efficiency and innovative solutions". The programme, he stressed, would capitalise on the institution's recent achievements, especially with regard to its "special position" in fighting energy poverty.
Al Emadi underlined the significance of the coming months in defining the shape and direction of the global development agenda. Placing OFID in this context, he said that member countries had made clear their "continued support of OFID and adherence to the principle of comprehensive and sustainable development for all" in accordance with the new United Nations Sustainable Development Goals (SDGs) to be announced in September.
The Council elected to the chair the People's Democratic Republic of Algeria, represented by Abderrahmane Benkhalfa, Minister of Finance. The Republic of Ecuador, represented by Wilson Pastor Morris, OFID Governor and Ambassador of Ecuador to Austria , was elected as vice-chair.
Reporting on the work of the Governing Board since the last meeting of the Council in June 2014, Board Chairman, Abdul Wahab Al Bader of Kuwait, disclosed that some $1.7bn had been approved in fresh lending for 74 projects. There had also been substantial progress in institution strengthening and human capacity building, he said.
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