Energy For The Poor Initiative
In June 2008, the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud, (Abdullah of Saudi Arabia) placed Energy Poverty on the global agenda, by calling on the World Bank to launch an initiative for impoverished countries known as the "Energy for the Poor Initiative". This initiative, by mobilizing the donor community, aims at providing assistance to help the poor and low-income people to access energy in an affordable way. OFID is helping to coordinate the stakeholders’ actions regarding this initiative in which the World Bank and the Saudi Fund for Development are actively participating. The institution has contributed to the conceptualization of this initiative. OFID has proposed a financial mechanism to reach the dual objective of first, increasing the level of concessionality to make it accessible to the poor countries and second, to achieve a scope and a volume of funding commensurate with the scale of the financial challenge in this domain. OFID has played a catalyst role and suggested blending grants and loans to reach this dual objective. Furthermore, OFID has already identified concrete energy poverty alleviation projects totaling US$500 million.
Read more about this topic: OPEC Fund For International Development
Famous quotes containing the words energy, poor and/or initiative:
“While the State becomes inflated and hypertrophied in order to obtain a firm enough grip upon individuals, but without succeeding, the latter, without mutual relationships, tumble over one another like so many liquid molecules, encountering no central energy to retain, fix and organize them.”
—Emile Durkheim (1858–1917)
“A poor beauty finds more lovers than husbands.”
—Seventeenth-century English proverb, collected in Outlandish Proverbs, George Herbert (1640)
“You will belong to that minority which, according to current Washington doctrine, must be protected in its affluence lest its energy and initiative be impaired. Your position will be in contrast to that of the poor, to whom money, especially if it is from public sources, is held to be deeply damaging.”
—John Kenneth Galbraith (b. 1908)