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
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