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“Nothing is particularly new about a group of countries establishing a common financial aid facility. What is new,


however, is the trend towards establishing international financial facilities designed exclusively to assist non-member countries, with the donors standing to gain no economic return.”


Bangladesh was among the


The late Dr Ibrahim Shihata, the organization’s first Director-General, soon after the establishment of what is now known as the OPEC Fund.


first Asian countries to benefit from OPEC Fund project financing in 1977 for the construction of the Dhaka International Airport.


Andrea Grubel Senior Operational Risk Officer


Today, OPEC Fund member countries are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela.


We live in a constantly changing world, where our only limits are our imagination. I think fear often gets in the way of our creativity and searching for different approaches. But with innovation, we can overcome that. Innovation doesn’t always need to be new or disruptive. For me, it’s about finding the most efficient way. I think it’s also a great chance to collaborate and co- create with colleagues and stakeholders.


“ stories staff Vietnam’s Central


Transport Hospital is a beneficiary of OPEC Fund financing. Pham Duc Huy, the


hospital’s Vice Director, says: “We were able to improve our facilities to


better serve our patients… On behalf of the hospital’s management, I would like


to send our sincere thanks to the OPEC Fund.” The OPEC Fund has been partnering with Vietnam since 1978


and has approved more than


US$280 million in development finance for the country.


20


In 1981, the OPEC Fund purchased its still current headquarters building, located on Parkring in Vienna’s first district. Once the residential palace of the Austrian Archduke Wilhelm Franz Karl, who was Grand and German Master (1863-1894) of the Order of the Teutonic Knights, it was originally built between 1864 and 1868


to the architectural design of Danish-born Theophil von Hansen. The organization undertook a comprehensive program of restoration and refurbishment.


By 2020, the OPEC Fund’s cumulative approvals for development projects amounted to more than US$25 billion.


PHOTO: OPEC Fund Archive


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