The Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development welcomed its new Saudi Director-General and Chief Executive Officer, Suleiman Jasir Al-Herbish, who has taken over responsibilities from Nigeria's Y. Seyyid Abdulai, whose term of office ended October 31, 2003.
Al-Herbish was earlier welcomed to the Fund by Senior Management staff who briefed him on the state of the institution. In his first remarks, Al-Herbish pledged to continue where Abdulai had left off and to ensure, with the support of Fund staff, an institution that retains its hard-won position among international finance institutions and which remains relevant to beneficiary countries.
Al-Herbish comes to the Fund from OPEC, where he was Governor for Saudi Arabia for over 11 years. It was from this position that he observed closely the management and operations of the OPEC Fund. The OPEC Fund and the OPEC Secretariat are both located in Vienna, Austria.
Until recently, Al-Herbish was also Chairman of the National Shipping Company of Saudi Arabia, as well as of Saudi Arabian Texaco and the Arabian Drilling Company. His appointment was formally announced last June at the 24th Annual Session of the Ministerial Council of the OPEC Fund in Abu Dhabi.
The OPEC Fund was established in January 1976 to help promote South-South solidarity and enhance cooperation between OPEC Member Countries and other developing nations. Its resources were to be additional to on-going financial assistance channeled by OPEC countries to their neighbors largely via bilateral arrangements.
The Fund was initially endowed with a capital base of $800 million, which was replenished three times and has, meanwhile, grown to a cumulative $6.7 billion. The institution is currently present in some 110 developing countries, worldwide, funding projects and programs, balance of payments support, grants operations and private sector initiatives. — (menareport.com)
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