JEDDAH, 14 June 2006 — The OPEC Fund for International Development plays a significant role in promoting the development of poor countries, according to Suleiman Al-Herbish, director general of the fund.
Addressing a meeting of the fund’s ministerial council here, Al-Herbish said the fund was the brainchild of a meeting of OPEC in Algiers in 1975. “OPEC works to stabilize international oil market and promote development of poor and middle-income countries,” he told the meeting, which was attended by finance ministers of Saudi Arabia, the UAE, Kuwait, Algeria, Indonesia, Iran, Iraq, Libya, Nigeria and Venezuela.
Finance Minister Ibrahim Al-Assaf said the meeting decided to give a grant of $15 million to the Palestinian people. Al-Assaf commended the fund’s achievements during the past 30 years. “We have won international reputation as a leading development organization,” the minister said.
The board met here yesterday to mark the 30th anniversary of the fund. Muhammad Kharbash of the UAE, who chaired the meeting, commended the fund’s contributions to development programs and alleviating the suffering of poor countries. The meeting elected Al-Assaf as the new chairman of the ministerial council. It also discussed the organization’s working plan for the next 10 years, the Saudi Press Agency said.