Arab Aid - The OPEC Fund for International Development

Establishment:
The OPEC Fund is a multilateral development finance institution owned collectively by the member states of the Organization of the Petroleum Exporting Countries (OPEC). It was established in January 28,1976 and commenced its operations in August 1976.

Objectives:
The OPEC Fund was established as an expression of South-South solidarity, the Fund is dedicated to promoting cooperation between OPEC member states and other developing countries. It pursues this aim primarily by helping provide the financial resources those countries need to realize their economic and social development goals. All non-OPEC developing countries are, in principle, eligible for Fund assistance, as are international institutions whose activities benefit developing countries.

Operations:

Cumulative consolidated operations from establishment till end of 2002 was $6,580 million.
Total number of beneficiary countries was 110.
In the public sector area, the Fund extends concessional loans of three types: for projects, for programs and for BOP support. The Fund has also extended loans within the context of the Heavily Indebted Poor Countries (HIPC) Initiative, and also makes outright grants in support of technical assistance, food aid, research and other activities. The Fund does contribute, when the occasion demands, to international efforts to alleviate human suffering in regions devastated by natural or man-made disasters, and more recently the Fund has launched private sector lending activities.