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![[OPEC flag]](../images/i/int-ofid.gif)
image by Zoltan Horvath, 15 February 2011
See also:
OPEC Fund for International Development
El Fondo OPEP para el Desarollo Internacional (Spanish)
Le Fonds OPEP pour le développement international (French)
Sandiwaq al-Obek lit-Tanmiyah ad-Dawliyya (Arabic)
The OPEC Fund for International Development (OFID) is a multilateral development
finance institution established in 1976 by the Member Countries of the
Organization of the Petroleum Exporting Countries (OPEC). Its objective is to
reinforce financial cooperation between OPEC Member Countries and other
developing countries, by providing financial support to the latter for their
socio-economic development. The resources of OFID are also used to provide
grants for food aid, technical assistance, research and similar intellectual
activities. One of the institutions central aims is to advance South-South
solidarity. The OFID has been headquartered in Vienna, Austria since 1976. It
has 12 member states. (http://www.ofid.org/about/member_countries.aspx)
Zoltan Horvath, 15 February 2011
Following the First OPEC (Organization of the Petroleum Exporting Countries)
Heads of State Summit in Algiers, Algeria in 1975, the Finance Ministers of
Member Countries proposed the creation of a new multilateral financial facility
to channel OPEC aid to developing countries. Known initially as the 'OPEC
Special Fund,' this facility was one of several bilateral and multilateral
development institutions set up at around this time by the
OPEC and Arab countries. Its resources were additional to those already earmarked for official
development assistance (ODA) by the OPEC nations. The Fund, which was originally
intended to be a temporary facility, started operations in August 1976 with an
initial endowment of $800 million and within 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 channeling donations from its Member Countries to other
development institutions including the IMF Trust Fund and the International Fund
for Agricultural Development (IFAD). The OPEC Fund became a fully fledged,
permanent international development agency in May 1980.
Ben Cahoon, 8 March 2011
Its flag is horizontally divided, light blue and medium blue with its oval logo
in the middle of the flag. Ratio is 2:3.
More information and image of flag:
http://www.ofid.org/about/corporate_id.aspx
Zoltan Horvath, 15 February 2011
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