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 institution's central aims is to advance South-South solidarity. OFID has been headquartered in Vienna, Austria since 1976. The current Director-General of OFID is Mr. Suleiman Jasir Al-Herbish of Saudi Arabia.
Read more about OPEC Fund For International Development: OFID Headquarters, History, Member Countries, Means, Resources, Beneficiaries, Trade Finance Facility (TFF), Energy For The Poor Initiative, Coordination Group of Arab/OPEC/Islamic Development Institutions, See Also, External Links
Famous quotes containing the words fund and/or development:
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (1833–1901)
“And then ... he flung open the door of my compartment, and ushered in “Ma young and lovely lady!” I muttered to myself with some bitterness. “And this is, of course, the opening scene of Vol. I. She is the Heroine. And I am one of those subordinate characters that only turn up when needed for the development of her destiny, and whose final appearance is outside the church, waiting to greet the Happy Pair!””
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)