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:
“Regarding History as the slaughter-bench at which the happiness of peoples, the wisdom of States, and the virtue of individuals have been victimized—the question involuntarily arises—to what principle, to what final aim these enormous sacrifices have been offered.”
—Georg Wilhelm Friedrich Hegel (1770–1831)
“Every library should try to be complete on something, if it were only the history of pinheads.”
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“To history therefore I must refer for answer, in which it would be an unhappy passage indeed, which should shew by what fatal indulgence of subordinate views and passions, a contest for an atom had defeated well founded prospects of giving liberty to half the globe.”
—Thomas Jefferson (1743–1826)