History
Following the First OPEC Summit in Algiers, Algeria in 1975, Member Countries expressed their commitment to assist the developing countries through a collective financial facility. As a result, in 1976, the Finance Ministers of Member Countries met and established the OPEC Special Fund through which Member countries would channel aid to developing countries. OFID started its operations in 1976, with an initial endowment of $800 million and in little over a year, its resources had doubled. By the end of 1977 it had extended 71 loans to 58 developing countries, as well as channelling donations from its Member Countries to other development institutions, including the International Monetary Fund (IMF) Trust Fund and the International Fund for Agricultural Development (IFAD). As a result of its successful performance, Member Countries decided in 1980 to convert the temporary facility into a permanent legal entity called the OPEC Fund for International Development (OFID). OFID became a fully fledged, permanent international development agency in May 1980.
Read more about this topic: OPEC Fund For International Development
Famous quotes containing the word history:
“I believe that history might be, and ought to be, taught in a new fashion so as to make the meaning of it as a process of evolution intelligible to the young.”
—Thomas Henry Huxley (1825–95)
“It’s not the sentiments of men which make history but their actions.”
—Norman Mailer (b. 1923)
“The history of our era is the nauseating and repulsive history of the crucifixion of the procreative body for the glorification of the spirit.”
—D.H. (David Herbert)