OpecFund.org is CDA - Community Development Action Group
Title
- OPEC Fund for International Development (OFID) :: Home
Description
OFID at a Glance
The OPEC Fund for International Development (OFID) is an intergovernmental development finance institution established in 1976 by the member states of the Organization of the Petroleum Exporting Countries. The Fund was conceived at the Conference of the Sovereigns and Heads of State of OPEC member countries, which was held in Algiers, Algeria, in March 1975. A Solemn Declaration of the Conference "reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment," and called for measures to strengthen cooperation between these countries. » See Agreement Establishing the OPEC Fund for International Development.
The Aims
To promote cooperation between OPEC member countries and other developing countries as an expression of South-South solidarity. To help particularly the poorer, low-income countries in pursuit of their social and economic advancement.
The Means
By extending concessionary financial assistance in the form of loans for development projects and programs and for balance of payments support
Languages
English
