|
Younis Haji Al Khoori, Director General of the Ministry of Finance, will lead the UAE delegation to the 31st ministerial meeting of the OPEC Fund for International Development (OFID), to be held in the Venezuelan capital, Caracas, on June 17, 2010.
The delegation will include Ali Hamdan Ahmed, Director of International ’&’ Regional Financial Organizations Department at the Ministry of Finance. Participation in the event exemplifies UAE efforts to improve international financial relations with various countries and aims to encourage investment and economic development. It also demonstrates commitment of the UAE to support growth in developing countries.
The participants will discuss the impact of the global financial crisis on the resources of OFID and examine ways of saving energy in weaker economies. The meeting will shed light on energy saving initiatives in developing countries and their financing via a US$ 1 billion fund facilitated by member states.
Commenting on the participation, Al Khoori, said: "Our participation in the 31st OFID meeting confirms UAE’s ongoing commitment to developing countries in achieving social stability and economic growth. It is an opportunity to exchange ideas and vision with other OFID members in developing their resources and activities." OFID posted positive results during 2009. Its net income was US$ 395.2 million in 2009 as compared to a net loss of US$ 657.9 million in 2008. This rise was due to an increase in OFID investment portfolios. Overall OFID revenues reached about US$ 6 billion of which US$ 2.5 billion were contributions made by member states and US$ 3.5 billion is in reserve.
Total development aid provided by OFID till the end of 2009 reached US$ 11.03 billion distributed across a variety of funding mechanisms such as public sector loans, private sector projects loans, aid and trade financing.
Except OPEC member states, all developing countries can obtain OFID aid and least developed countries received priority. Thus far, 125 countries have benefited from OFID aid including 51 in Africa, 42 in Asia, 28 in Latin America and Caribbean and four in Europe.
The thought of establishing OFID arose at the first summit meeting of the Organization of the Petroleum Exporting Countries (OPEC) in 1975. At the time, leaders pledged to provide ongoing financial and developmental support to all developing countries around the world. In 1980, member states that own the fund decided make it a permanent international development organization comprising 12 countries. These include UAE, Indonesia, Algeria, Libya, Iran, Venezuela, Gabon, Iraq, Qatar, Kuwait, KSA and Nigeria.
|
New
Review
Abu Dhabi International Airport - 41°F
