Kuwait takes part in OFID’s 39th ministerial conference
Event kicks off in Vienna
Finance Minister Nayef Al-Hajraf with Kuwait’s Ambassador to Austria Sadeq Maarefi. VIENNA, June 21, (KUNA): Finance Ministers of the member states of the OPEC Fund for International Development (OFID) started their 39th meeting in Vienna Thursday.
Kuwait’s Finance Minister Nayef Al-Hajraf is taking part in the major event.
As the meeting kicked off, OFID offered its annual award, worth $100,000, to a charity society from Bangladesh looking after Rohingya Muslims who fled aggression and violations in Myanmar.
The OFID ministers are expected to review a host of issues, mainly the fund’s general policy, and 2018 activities, in addition to electing a new director general to succeed outgoing Suleiman AlHerbish.
Al-Herbish will apprise the ministerial meeting of OFID’s resources and ability to continue providing aid to developing countries. The ministers will also discuss means likely to help increase the fund’s resources.
Ecuador is the president of the Ministerial Council current session which comprises finance ministers of the fund’s member states.
OFID is the development finance institution established by the OPEC member states in 1976 as a channel of aid to
Kuwait’s Finance Minister Nayef Al-Hajraf during the 39th meeting of OPEC Fund for International Development (OFID) member state’s finance ministers.
the developing countries. It works in cooperation with partners and international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world.
The fund provides financing to build essential infrastructure, strengthen social services delivery and promote productivity, competitiveness and trade. OFID’s work is people-centered, focusing on projects that meet basic needs — such as food, energy, clean water and sanitation, healthcare and education — with the aim of encouraging self-reliance and inspiring hope for the future.
The 39th ministerial meeting of the OPEC Fund for International Development (OFID) has elected Saudi Arabia’s Dr Abdulhamid Al-Khalifa as OFID director general for a five-year term, succeeding outgoing chief Suleiman Al-Herbish. Nine OFID member states voted for Al-Khalifa, while four others supported an Iranian nominee in a second round of vote after an Indonesian candidate for the post withdrew.
Over the past 16 years, Al-Herbish has realized great achievements for the fund, doubling the fund’s lending operation.
Earlier today, OFID finance ministers started a one-day meeting in Vienna. Ecuador is the president of the Ministerial Council current session. OFID meets once a year.