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VIENNA, Jan. 28, 2021 /PRNewswire=KYODO JBN/ --

The OPEC Fund for International Development (the OPEC Fund) marks its 45th

anniversary today. Since inception, the multilateral development finance

institution has approved more than US$25 billion in essential financing for 135

partner countries.  

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Established in 1976 with a distinct mandate to drive development, strengthen

communities and empower people, the OPEC Fund's member countries are:  Algeria,

Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia,

the United Arab Emirates and Venezuela. While the organization works directly

with partner countries, it also collaborates with other development finance

institutions, regional development banks and the specialized agencies of the

United Nations to maximize its development impact.

The 45th anniversary coincides with a demonstration of steadfast support from

the organization's member countries. The OPEC Fund's Governing Board recently

endorsed a second tranche of US$400 million to be contributed by member

countries over the next four years. The Ministerial Council approved a US$1

billion Fourth Replenishment of the OPEC Fund's resources in 2001, of which

this second tranche is a part. The first tranche of US$600 million was

contributed over the past eight years.

Abdulwahab A Al-Bader, Chairman of the OPEC Fund's Governing Board, said: "The

organization's development operations are self-sustaining, due to prudent

management and a long history of positive operational income. This second

tranche of contributions signifies member country determination to strengthen

the OPEC Fund's ability to meet development challenges that have become even

more urgent as a result of COVID-19."

OPEC Fund Ministerial Council Member and Saudi Arabia's Minister of Finance

Mohammed Al-Jadaan outlined the unique role the organization plays in

international development: "The OPEC Fund has been playing a distinguished role

in promoting global development, and it is the only globally mandated

development institution that provides financing from member countries to

non-member countries only. All developing countries, with the exception of its

own members, are eligible for assistance."

The OPEC Fund's Ministerial Council member and Indonesia's Minister of Finance

Sri Mulyani Indrawati said: "A new strategy introduced in 2019 and backed by

member countries means that the organization has become more agile and can

respond without delay to the changing needs of partner countries. We can now

move quickly and effectively to ensure finance reaches those who need it most,

as low-income communities around the world attempt to recover from the

pandemic."  

OPEC Fund Director-General Dr Abdulhamid Alkhalifa said: "Thanks to the

foresight and dedication of our member countries, the OPEC Fund continues to

demonstrate solidarity and play its part in reducing global inequality. During

the year ahead, we will focus on delivering in line with our clear and

ambitious Strategic Framework to further expand our development impact and

secure our future for many years to come."

To date, the OPEC Fund's public sector operations have supported the

development of 15 GW of electricity generation capacity; contributed to the

construction and development of 11,360 km of roads and railways; and provided

11.5 million households with access to water and sanitation. Since launching in

1998 and 2006, the organization's private sector and trade finance operations

have directly supported over 350,000 MSMEs; helped generate 15 million tonnes

of annual handling capacity in ports; and contributed to the development of 750

MW of renewable capacity generation.

For further information on the OPEC Fund's achievements since 1976, please see

the special edition of the OPEC Fund Quarterly (https://bit.ly/2NAJ5Xl ).

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) works in

cooperation with developing country partners and the international development

community to stimulate economic growth and social progress in low- and

middle-income countries around the world. The organization was established by

the member countries of OPEC in 1976 with a distinct mandate: to drive

development, strengthen communities and empower people. The OPEC Fund's work is

people-centered, focusing on financing projects that meet essential needs, such

as food, energy, infrastructure, employment (particularly relating to MSMEs),

clean water and sanitation, healthcare and education. Our vision is a world

where sustainable development is a reality for all.

SOURCE  OPEC Fund for International Development