Representatives of OPEC (the Organization of the Petroleum Exporting Countries) and the OPEC Fund sit together at the G24 Finance Ministers and Central Bank Governors Meeting.


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ABOUT THE OPEC FUND


Pictured is OPEC Fund Director-General Dr Abulhamid Alkhalifa (right) during a productive ‘standing’ meeting with President of the New Development Bank K V Kamath discussing development cooperation. The New Development Bank is the multilateral development bank established by the BRICS countries (Brazil, Russia, India, China and South Africa).


The OPEC Fund for International Development (the OPEC Fund) was set up in 1976 by OPEC member countries to support the socio-economic progress of non-OPEC developing nations.


The OPEC Fund’s Assistant Director-General, Financial Operations, Tarek Sherlala arrived in Washington, DC toward the end of the week for meetings with some of the world’s best known financial institutions. The meetings were scheduled to help the OPEC Fund move forward on its new strategy of maximizing its development impact across the globe.


We now have 12 member countries – Algeria, Ecuador, Gabon, Indonesia, the Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and the Bolivarian Republic of Venezuela – and we are extremely proud that our organization remains strong more than 40 years after its inception. A unique feature of the OPEC Fund is that our organization supports only developing countries other than our own. Member countries, undeterred by their own priorities, set out to help others and to reaffirm the natural solidarity that unites all developing countries in their determination to overcome underdevelopment. Our financing helps build essential infrastructure, strengthens social services and promotes productivity, competitiveness and trade.


A unique feature of the


OPEC Fund – 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.


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