The OPEC Fund for International Development

The OPEC Fund for International Development (OFID) is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to the developing countries. OFID works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing 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 Fund provides assistances through means of loans, grants, technical assistance, etc. 

The first loan from OFID to the Maldives was in 1977 for the balance of payment support. Since then, the Fund has assisted the country with financing in the areas of transport, fisheries, ports development, water supply and sewerage, education and environment. Additionally the fund is currently co-financing one of the mega projects of the country - development of the Velana International Airport. 

www.ofid.org/

Share this article