OPEC Fund for International Development (OFID)
The OPEC Fund for International Development (OFID) is the development finance institution established by the Member States of OPEC in 1976 as a collective 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.
Genesis & Evolution
OFID was conceived at the Conference of the Sovereigns and Heads of State of member countries, held in Algiers, Algeria, in March 1975. A Solemn Declaration “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.
In this spirit, OFID was established in January 1976 by the then 13 member countries of OPEC. Initially, it was called The OPEC Special Fund. The idea was that OFID’s resources are additional to those already made available by OPEC states through a number of bilateral and multilateral channels.