UAE participates in the 30th Annual Meeting of the Council of Ministers of the OPEC Fund for International Development

Published June 15th, 2009 - 11:51 GMT

UAE participates in the 30th Annual Meeting of the Council of Ministers of the OPEC Fund for International Development

A UAE delegation led by HE Younis Haji Al Khoori, Director General of Ministry of Finance is participating in the 30th Annual Meeting of the Council of Ministers of the OPEC Fund for International Development (OFID) in Vienna. The meeting will discuss the report of the Chairman of Board of Governors besides discussing and adopting the financial statements for 2008.

The OPEC Fund for International Development is an intergovernmental financing and development institution. It has been created from the Member States of the Organization of Petroleum Exporting Countries (OPEC) in 1976 and is headquartered in Vienna, Austria.

OFID seeks to strengthen cooperation among the member countries of OPEC and other developing countries by provisioning of financial resources and assisting them in their economic and social progress. A key measure that will be discussed at the Annual Meeting is providing financial assistance in the form of soft loans for the development of projects and  
programs. Supporting the balance of payments and trade finance and participating in the financing of private sector activities in developing countries will also be discussed. Providing grants for technical assistance, food aid, research and humanitarian relief in case of emergency and contributing along with the resources and activities of other development institutions which are beneficial to the developing countries will also be examined.

The United Arab Emirates is a key member of the OFID, beside 12 other countries of the OPEC member countries.

The UAE Delegation consists of HE Khalid Ali Al Bustani, Executive Director of International Financial Relations, Mr. Majid Ali Omran, Director of International Financial Relations Department and Dr. Hamed Al-Nasr, Economist.


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