Tuesday 04 August 2020 - 9:49:42 pm

OFID Fund signs US$85 million loan agreements to support developing countries

WASHINGTON, DC, 23rd October, 2019 (WAM) -- Dr. Abdulhamid Alkhalifa, Director-General of the OPEC Fund for International Development, OFID, has led a high-level delegation to the 2019 Annual Meetings of the World Bank Group/International Monetary Fund, WBG/IMF, in Washington, DC, USA.

Amid a packed schedule of meetings with senior representatives of the WBG, other development institutions, commercial banks and financial advisory firms, Dr. Alkhalifa signed public sector loan agreements totaling US$85 million with beneficiary countries Benin, Liberia, Senegal and Sierra Leone.

This is in line with the OPEC Fund’s goal of supporting developing countries – particularly low-income countries – around the globe.

In addition, the OPEC Fund signed a framework agreement with the World Bank Middle East and North Africa to strengthen collaboration and enhance development effectiveness across common MENA beneficiary countries. The aim is to further reduce poverty, boost prosperity and promote socioeconomic progress in the region.

OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab Emirates.

[Image Credit: The OPEC Fund for International Development, OFID]


WAM/Rola Alghoul/Esraa Ismail