OPEC endorses $400m for member countries’ development 

The Fund Governing Board of the Organisation of the Petroleum Exporting Countries has endorsed a second tranche of $400m to be contributed by member countries over the next four years.

This was disclosed in a statement on Thursday by OPEC Fund for International Development, to mark the subsidiary’s 45th anniversary.

It noted that the anniversary coincided with a demonstration of steadfast support from the organisation’s member countries.

“The ministerial council approved a $1bn Fourth Replenishment of the OPEC Fund’s resources in 2001, of which this second tranche is a part. The first tranche of $600m was contributed over the past eight years,” the statement explained.

The multilateral development finance institution also said it had approved more than $25bn in essential financing for 135 partner countries. 

Chairman of the Fund’s Governing Board, Abdulwahab Al-Bader, said, “The organisation’s development operations are self-sustaining, due to prudent management and a long history of positive operational income. 

“This second tranche of contributions signifies member country determination to strengthen the OPEC Fund’s ability to meet development challenges that have become even more urgent as a result of COVID-19.”

OPEC’s Fund Director General, Dr. Abdulhamid Alkhalifa, said, “Thanks to the foresight and dedication of our member countries, the OPEC Fund continues to demonstrate solidarity and play its part in reducing global inequality. 

“During the year ahead, we will focus on delivering in line with our clear and ambitious strategic framework to further expand our development impact and secure our future for many years to come.”

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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