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SUPPORT FOR THE NEW OFID AND ITS STRATEGIC FRAMEWORK FROM MEMBER COUNTRY MINISTERS


UNIQUE DEVELOPMENT SUPPORT


OFID helps tackle poverty in many ways: providing finance to build essential infrastructure, strengthen social services and promote productivity, competitiveness and trade. On the ground, this can range from helping low capacity communities to overcome blinding trachoma in Ethiopia, to supporting efforts to reduce environmental pollution in Cuba and building road infrastructure to improve connectivity in Bosnia and Herzegovina. By providing affordable development finance to countries and regions that often find funds difficult to secure, OFID helps to solve market challenges – in a market- supportive manner. A unique feature of OFID – and a characteristic that is as true today as it was back in the 1970s – is that the organization supports only developing countries other than its own. That is, OFID was established with an outward-looking development mandate. Its member countries, undeterred by their own priorities, set out to help others and to reaffirm the natural solidarity which unites OFID countries with other developing countries in their struggle to overcome underdevelopment. This natural solidarity is a reference to OFID’s focus on South–South cooperation – a term that aims to capture the drive for self-reliance by, and among, developing countries. South-South cooperation describes how developing countries work together to improve the creative capacity to find solutions to development challenges in keeping with their own aspirations, values and needs. To promote this, OFID’s assistance is demand-driven and the organization’s South- South focus is as strong today as ever before.


OFID AND OPEC OFID was born of OPEC. The two organizations have distinct mandates that do not overlap. Over time, OFID and OPEC have even evolved to comprise a slightly different set of member countries. OFID supports development in non-member countries. OPEC does something quite different: it coordinates the petroleum policies of its member countries and determines the best means of securing stable oil supplies. OFID’s assistance is entirely independent of the level of income member countries receive from their oil resources. Nevertheless, OFID remains – and will always remain – the manifestation of its member countries’ ambitions to create a fairer, more equitable and prosperous world. OFID and OPEC will work together whenever doing so will promote the realization of this ambition.


IMPROVED DEVELOPMENT IMPACT More recently, OFID has been authorized by its Ministerial Council to consider diversifying its resources, and this is exactly what the organization’s new strategic framework aims to enable. To better serve the global development community, and to ensure OFID is self-sustaining well into the future, the organization’s mandate remains one of providing unconditional development support to all developing countries other than its own, and to low-income countries in particular. The only difference is that going forward, OFID intends to operate more efficiently to improve the size and quality of its development impact.


“I am pleased to note that the strategic framework is an affirmation of our goals, and aims to position the Fund as a development partner of choice for beneficiary countries. We emphasized that OFID continues to deliver on its mandate of providing maximum support to developing countries – especially low-income countries.”


Saudi Arabia’s Minister of Finance, Mohammad Aljadaan


“Change within an organization can sometimes be challenging, but the current Director-General has introduced new and welcomed ideas that promise to enhance OFID’s relevance and impact in this uncertain world.”


OFID’s incumbent Ministerial Council Chair and Indonesian Minister of Finance, Sri Mulyani Indrawati


“The State of Kuwait firmly believes in the work of OFID, and the work of other developmental funds, which all firmly align with Kuwait’s humanitarian mission.”


Kuwait’s Minister of Finance, Dr Nayef Falah Al-Hajraf


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PHOTO: Byvalet/shutterstock.com


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