FOREWORD OF THE DIRECTOR-GENERAL
OFID in 2018: Supporting the SDGs and partner country priorities
Welcome to the OPEC Fund for International Development’s (OFID) Annual Report, which provides a year in review of the organization’s work supporting socioeconomic development around the world.
OFID’s headline figures show once more how the organiza- tion has matured and become an effective development finance institution, trusted by regional and international partners.
The year 2018 was characterized by weakening global economic expansion and continued geopolitical uncertainty. Despite the challenging global environ- ment, OFID’s headline figures show once more how the organization has matured and become an effective development finance institution, trusted by regional and international partners.
The number of people living on less than $1.90 per day had fallen to 736 million, or 11% of the world's population, by 2015 (the most recent figures available). Despite global progress in reducing extreme poverty, rates remain persis- tently high in low-income countries (LICs). Much of the development finance provided by OFID is directed toward LICs (economies with a gross national income per capita of $995 or less in 2017*). Cumulatively, more than half of OFID’s public sector funding (over $8bn) has been directed to LICs. During 2018 alone, the organization approved $392.02m for initiatives in 26** of the 34 countries classified as LICs by the
World Bank. This represents over one-quarter of the year’s approvals.
In 2018, OFID approved a total of $1,498.72m in finance for development operations. Countries in Africa are set to receive $709.89m of this amount, $383.76m will go to projects in Asia, $315.1m to operations in Latin America and the Caribbean, and $86.08m to operations in Emerging Europe. $3.9m was approved for multi-regional opera- tions. Total disbursements as of Decem- ber 31, 2018 were $16,158.6m and OFID has now committed a cumulative total of more than $23bn to develop- ment since its inception in 1976.
As in previous years, the organization worked hard to support the United Nations Sustainable Development Goals (SDGs) – the global agreement on how to focus development – through financing essential infrastructure, strengthening social services and promoting productivity, competitiveness and trade in all developing regions. In addition to supporting the SDGs, OFID remained true to its aim of being led by the demands of developing countries – all support provided by the organiza- tion during the year reflects the needs and priorities of partner countries in their quest for progress.
*Definition for the 2019 fiscal year calculated using the World Bank Atlas method. **Amount includes approvals relating to operations covering more than one country.
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