His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, yesterday participated in the 43rd session of the Ministerial Council of the OPEC Fund for International Development (OFID). The meeting, which was held virtually, sought to discuss the latest developments in work progress and the level of achievement in OFID’s plans and projects in 2021.
His Excellency Mohamed Bin Hadi Al Hussaini lauded the efforts made by the OFID to bolster means of cooperation among member states and various developing countries around the world to combat poverty. “The United Arab Emirates is keen to continue supporting OFID’s plans and directions aimed at achieving inclusive and sustainable economic and social development in various countries of the world,” His Excellency said.
The meeting reviewed OFID’s annual report and financial statements for the year 2021, operations and projects that were implemented during 2021. Additionally, during the meeting, the Borrowing Program 2023-2025 was approved.
The OPEC Fund for International Development is a multilateral development finance institution established in 1976 and consists of 12 Member Countries, who are the members states of the OPEC. OFID works in cooperation with developing country partners and the international development community to support sustainable social and economic advancement in low- and middle-income countries around the world.
OFID provides public, private and trade sector financing, as well as grants to support sustainable development. To date, the OFID has committed more than $25 billion to development projects in over 125 countries and funded the grants up with more than US$600 million of the total.