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A UAE delegation represented by the Ministry of Finance (MoF) will participate in the 34th Ministerial Council meeting of the OPEC Fund for International Development (OFID), which will be held today in the Fund’s headquarters in Vienna, Austria. The annual Ministerial Council meeting provides a chance for the Fund to review the major international and regional economic development projects relevant to the Fund.
The UAE delegation will be chaired by HE Younis Haji AL Khouri, Undersecretary of MoF. The delegation will include each of HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector of MoF; Majid Ali Omran, Director of International Financial Relations and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs.
The 34th Fund Meeting will discuss a number of issues included in the agenda such as the activities, programmes and development initiatives that were approved last year. In addition, representatives from member states will review the current report of the President of the Ministers Council, along with approving the annual report for the Fund’s performance. Attendees will also review and approve the general budget and income and expenditure account, the Fund’s operations and development grants submitted in 2012 as well as the development plans for the coming year.
Commenting on the 34th meeting of the Fund, HE Al Khouri reiterated the Ministry’s commitment to further strengthen relations between the UAE and various countries around the world with the aim of encouraging investment and development. This reflects the UAE’s desire to aid in the growth of developing countries through various channels, particularly through OFID.
HE added: “Ever since the Fund’s establishment, the UAE has been very supportive of its operations and works on facilitating its ability to implement its development operations. We encourage the Fund’s efforts to diversify its products and services in order to strengthen its areas of development and to be better equipped to play an active role in the fight against poverty and hunger in less privileged countries, and to support various field in need of growth and development.”
The delegation will also discuss the captilisation of U.S $ 1.2 billion from the general reserve of the paid capital, where shares will be raised by different rates coinciding with the contributions made by each party to the capital. Attendees will also look into the ability of the Fund to borrow money from outside sources to meet increasing demands for its services.
The Fund’s operations have developed considerably over the past year with approved contributions amounting for more than U.S $ 15.1 Billion by the end of the year 2012 which benefited 133 countries across the world. The transport sector received a ratio of 32%, and 20 % and 15% were provided to the energy and agriculture sectors respectively. The Fund recorded a net profit of $ 305.1 million at the end of the year 2012 while the total assets amounted for $ 6.2 billion.
The OPEC Fund for International Development, which includes members from the Organisation of the Petroleum Exporting Countries (OPEC), always seeks to strengthen the cooperation between state members and developing countries by offering assistance in order to achieve social and economic progress. The least developed countries have a priority to benefit from the Fund. In fact, the terms and conditions include a 20 year repayment period of loans for low income countries, with a grace period of 5 years.
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