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:
“After the planet becomes theirs, many millions of years will have to pass before a beetle particularly loved by God, at the end of its calculations will find written on a sheet of paper in letters of fire that energy is equal to the mass multiplied by the square of the velocity of light. The new kings of the world will live tranquilly for a long time, confining themselves to devouring each other and being parasites among each other on a cottage industry scale.”
—Primo Levi (1919–1987)
“I am asked if I would not be gratified if my friends would procure me promotion to a brigadier-generalship. My feeling is that I would rather be one of the good colonels than one of the poor generals. The colonel of a regiment has one of the most agreeable positions in the service, and one of the most useful. “A good colonel makes a good regiment,” is an axiom.”
—Rutherford Birchard Hayes (1822–1893)
“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)