OPEC Fund for International Development

Following the first OPEC(organization of the petroleum exporting countries) heads of state summit in Algiers, Algeria in 1975, the finance ministers of member countries proposed the creation of a new multilateral financial facility to channel OPEC aid to developing countries.

OFID’s key aim is to foster social and economic progress in the developing world through the provision of concessional financing for developing countries. OFID provides financial assistance in a number of ways including includepublic sector loans for development projects and programs, balance of payments support and debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative; trade financing, support to private enterprise, grants for technical assistance, food aid, research and humanitarian relief work; and contributing to the resources of other development organizations whose activities benefit developing countries.

At the close of the year 2008, contributions pledged by Member countries totaled $3,435.0 million, out of which $2,463.15 million was direct contributions to OFID. By the end of May 2009, the level of cumulative development assistance extended by OFID stood at US$10,605 million and disbursements reached US$6,619 million.

SIMI has worked with the OPEC Fund to provide funding and financing to Gambian projects and companies.

For further information on how SIMI help your project become a reality contact us
+220-497 856/951
sahel@qnet.gm
www.sahelgroup.gm/
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