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OFID to Pump $1.6 Billion Into Energy Investments in Arab Region

Published October 8th, 2018 - 07:05 GMT
The Opec Fund for International Development (OFID) is financing energy projects worth $1.6 billion in Arab countries. (Shutterstock)
The Opec Fund for International Development (OFID) is financing energy projects worth $1.6 billion in Arab countries. (Shutterstock)

The Opec Fund for International Development (OFID) is financing energy projects worth $1.6 billion in Arab countries, said  Suleiman Al-Herbish, director-general of OFID. 

He said that support to development operations in the energy sector lies at the heart of OFID’s strategic plan to 2025, a Wam news agency report said.

In a statement issued from OFID’s premises in Vienna, Al-Herbish said OFID’s commitment to support sustainable development plans in Arab countries, particularly energy projects, and outlined various operation supported by OFID in the region.

The fund is currently financing 14 traditional and 15 renewable energy projects in a number of Arab countries.

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He also stressed that energy poverty remains a challenge that can only be overcome through strategic partnerships, noting that OFID has built strong and diverse partnership networks to expand geographic coverage and operational activities.
 
Al-Herbish noted that energy is the engine of economic growth and social progress and noted that the priority given by OFID to eradicating energy poverty in developing countries was inspired by OFID member countries themselves. 
 
That priority, he said, stems from the Riyadh Declaration – issued at the conclusion of the 3rd Opec Summit in November 2007 – which established the eradication of energy poverty as an objective. "Our Ministerial Council has approved the allocation of a renewed $1 billion to this end," Al-Herbish concluded. 
 
 
Tags:OPEC Fund for International DevelopmentSuleiman Al-Herbish
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