OPEC Fund for International Development information
Organization
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OPEC Fund for International Development
Abbreviation
OPEC Fund
Formation
28 January 1976 (48 years ago) (1976-01-28)
Type
Intergovernmental organization
Purpose
Development finance institution
Headquarters
Vienna, Austria
Area served
International
Membership
12 member states
President
Dr. Abdulhamid Alkhalifa
Website
opecfund.org
The OPEC Fund for International Development (OPEC Fund) is an intergovernmental development finance institution established in 1976 by the member states of the Organization of the Petroleum Exporting Countries (OPEC). The OPEC Fund was conceived at the Conference of the Sovereigns and Heads of State of OPEC Member Countries, which was held in Algiers, Algeria, in March 1975. A Solemn Declaration of the Conference "reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment", and called for measures to strengthen cooperation between these countries.[1]
The OPEC Fund's objective is to reinforce financial cooperation between OPEC Member Countries and other developing countries, by providing financial support to the latter for their socioeconomic development. The institution's central mission is to foster South-South Partnership with fellow developing countries worldwide with the aim of eradicating poverty.[2] OPEC Fund's headquarters are located in Vienna, Austria. The current president and chief executive officer is Dr. Abdulhamid Alkhalifa of Saudi Arabia, who assumed office on November 1, 2018.
^"About Us". opecfund.org.
^"Mission". opecfund.org.
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