The OPEC Fund for International Development was established by the OPEC Member Countries on January 28, 1976. The Fund constitutes an addition to the existing bilateral and multilateral agencies used by OPEC Member Countries to extend their assistance to other developing countries.

The Agreement establishing the Fund was revised in 1980. By virtue of this major revision, the Fund was converted from a joint international account into a multilateral agency for financial cooperation and assistance, endowed with an international legal personality. The resources of the Fund, which initially amounted to US$800 million, were replenished three times and now stand at US$3.4 billion. The eligible beneficiaries of the Fund's assistance are the governments of developing countries other than OPEC Members and international development agencies whose beneficiaries are developing countries. Special attention is paid by the Fund to the needs of the less developed among eligible countries. As of December 31, 2002, the Fund's cumulative commitments stood at US$6.6 billion and disbursements at US$4.4 billion. The Fund has approved 953 public sector loans for a total of US$5.1 billion, and 110 developing countries in Africa, Asia, Europe and Latin America and the Caribbean have benefited to date from its assistance. As of December 31, 2002, the Fund has committed 602 grants in the total amount of US$272.3 million in support of technical assistance, food aid, research activities and emergency assistance. This includes the sum of US$83.6 million to cover the subscriptions of 35 least developed countries to the Common Fund for Commodities and a voluntary contribution to the Second Account, and a special contribution in the amount of US$20 million to the International Fund for Agricultural Development (IFAD). As of December 31, 2002, through its private sector window, the Fund had approved financing worth a total of US$190.1 million in 41 operations in support of private sector entities in Africa, Asia, Latin America and the Caribbean, and Europe. Member countries' contributions channelled through the OPEC Fund to IFAD amounted to US$86l million, and to the International Monetary Fund Trust Fund, US$111 million.

The objective of the Fund is to reinforce financial cooperation between OPEC Member Countries and other developing countries. To fulfill this objective, the Fund is empowered to engage in all functions necessary or incidental for such purpose. It is, in particular, empowered to: (i) provide concessional loans for balance of payments support and for the implementation of development projects and programs; (ii) make contributions and/or provide loans to eligible international agencies; (iii) finance technical assistance activities; and (iv) participate in the financing of private sector activities.

In cases where collective action by OPEC Member Countries is deemed appropriate, the Fund may be entrusted by its Members to act as an agent on their behalf, in particular in their relations with other international financial institutions.

COMPOSITION

12 member countries: Algeria, Gabon, Indonesia, Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Venezuela

STRUCTURE

The organs of the Fund are the Ministerial Council, the Governing Board, and the Director-General and the staff. Each member country is represented in the Ministerial Council by its Minister of Finance or any other authorized senior representative. The Council has supreme authority over the Fund. The Governing Board is composed of one representative and one alternate for each member country and is responsible, subject to the directives issued by the Council, for the conduct of the general operations of the Fund. The Director-General, who is appointed by the Ministerial Council, is responsible for conducting the business of the Fund under the direction of the Governing Board. He appoints and organizes the staff in accordance with regulations adopted by the Board.

GENERAL PUBLICATIONS

Agreement Establishing the OPEC Fund for International Development; Rules of Procedure of the Ministerial Council; Annual Reports, 1976-01; The OPEC Fund for International Development - The First Five Years; The OPEC Fund: The First Twenty Years (1996); OPEC Aid and OPEC Aid Institutions - A Profile, Nos. l-13 (l98l-98, 2000); Arab National and Regional Development Institutions: A Profile (1999-2001); The Unique Experience of the OPEC Fund; Disbursement Procedures; Guidelines For Procurement; The OPEC Special Fund - A New Approach to International Financial Assistance; Questions and Answers; To Help People Help Themselves; Basic Information (l978 and l980); OPEC Fund Newsletter 1983-84, quarterly; 1985-2002, three issues per year; The OPEC Fund in Africa; The OPEC Fund in Latin America and the Caribbean; The OPEC Fund in Asia; The Other Face of OPEC - Financial Assistance to the Third World; The OPEC Fund for International Development: The Formative Years; OPEC Aid and the Challenge of Development; Development: The Unresolved Issues; Hot Talk Cold Science - Global Warming's Unfinished Debate; The Misinterpreted Greenhouse Effect: Climate Changes - Causes and Consequences; 25 Years of Development Cooperation (2000); The OPEC Fund: A Regional Perspective (2000).