OFID Ministerial Council Increase Resources in the Amount of US$1 Billion

VIENNA, Austria, June 20, 2011 /PRNewswire/ --

Meeting in its 32^nd Session in Vienna, OFID's highest
policy-making body, the Ministerial Council, agreed to increase the institution's resources in an additional amount of US$1 billion.  The move comes in response to the growing and urgent needs of the developing nations in the wake of the global financial crisis, and as a renewed gesture of South-South solidarity on the part of OPEC Member Countries with their less privileged neighbours.  

Subject to Member Countries taking all the necessary internal legal procedures, these additional resources will enable OFID to step up its contribution to development over the next decade, in particular to the global Energy for the Poor initiative and accompanying efforts to achieve universal energy access by 2030.   It is the first fresh commitment to the institution in 30 years.

Addressing the Council, OFID Director-General, Suleiman J. Al-Herbish said that the additional financial support would strengthen the institution's aspirations to discharge its mandate and play a flagship role in the cooperation strategy of OPEC Member Countries.  "The fresh funding will provide the needed impetus to our institution to buttress its successes and drive forward its plans," he declared.

Other matters considered by the Council included a review of OFID's financial statements for fiscal 2010 and approval of the Annual Report for the same year.  As part of the proceedings, the Council witnessed the presentation of OFID's Annual Award for Development (2011) to
Dr. Mazen Al-Hajriof the United Arab Emirates.  The philanthropist is a pioneer in the field of ear, nose and throat medicine and is known for his charitable work, performing countless cochlear implant operations on Palestinian children, who have suffered hearing damage.
Dr. Al-Hajri is renowned in the Middle-East healthcare arena and is widely recognized amongst his peers for his dedication in operating on children and training surgeons in Gaza.

Held once a year, the Ministerial Council of OFID brings together the Finance Ministers and other High-Level Representatives of OFID Member Countries to review achievements and set the future policies of the institution.  Today's 32^nd Session elected the State of Qatar to the Chair, represented by H.E. Mr. Yousef Hussain Kamal, Minister of Finance, and the State of Kuwait as Vice-Chair, represented by H.E. Mr. Mustafa Al-Shamali, Minister of Finance, for a period of one year.  

Contact: Ms. Reem Aljarbou: Phone: +431-51564291; Email: r.aljarbou@ofid.org.

SOURCE OPEC Fund for International Development (OFID)