OFID Ministerial Council Increase Resources in the Amount of US$1 Billion

VIENNA, Austria, June 20, 2011 -

Meeting in its 32^nd Session in Vienna, OFID’s
highest
policy-making body, the Ministerial Council, agreed to increase the
institution’s resources in an additional amount of US$1 billion.
 The move comes in response to the growing and urgent needs of
the developing nations in the wake of the global financial crisis,
and as a renewed gesture of South-South solidarity on the part of
OPEC Member Countries with their less privileged neighbours.
 

Subject to Member Countries taking all the necessary internal
legal procedures, these additional resources will enable OFID to
step up its contribution to development over the next decade, in
particular to the global Energy for the Poor initiative and
accompanying efforts to achieve universal energy access by 2030.
  It is the first fresh commitment to the institution in 30
years.

Addressing the Council, OFID Director-General, Suleiman J.
Al-Herbish said that the additional financial support would
strengthen the institution’s aspirations to discharge its mandate
and play a flagship role in the cooperation strategy of OPEC Member
Countries.  ”The fresh funding will provide the needed impetus
to our institution to buttress its successes and drive forward its
plans,” he declared.

Other matters considered by the Council included a review of
OFID’s financial statements for fiscal 2010 and approval of the
Annual Report for the same year.  As part of the proceedings,
the Council witnessed the presentation of OFID’s Annual Award for
Development (2011) to
Dr. Mazen Al-Hajriof the United Arab Emirates.  The
philanthropist is a pioneer in the field of ear, nose and throat
medicine and is known for his charitable work, performing countless
cochlear implant operations on Palestinian children, who have
suffered hearing damage.
Dr. Al-Hajri is renowned in the Middle-East healthcare arena and is
widely recognized amongst his peers for his dedication in operating
on children and training surgeons in Gaza.

Held once a year, the Ministerial Council of OFID brings
together the Finance Ministers and other High-Level Representatives
of OFID Member Countries to review achievements and set the future
policies of the institution.  Today’s 32^nd Session
elected the State of Qatar to the Chair, represented by H.E. Mr.
Yousef Hussain Kamal, Minister of Finance, and the State of Kuwait
as Vice-Chair, represented by H.E. Mr. Mustafa Al-Shamali, Minister
of Finance, for a period of one year.  

Contact: Ms. Reem Aljarbou: Phone: +431-51564291; Email: href="mailto:r.aljarbou@ofid.org">r.aljarbou@ofid.org.

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