Saudi finance minister heads Saudi delegation at OPEC development fund meeting

Saudi Arabia is the largest stakeholder in the OPEC fund, which was established in 1976. (SPA)
Updated 21 July 2019

Saudi finance minister heads Saudi delegation at OPEC development fund meeting

RIYADH: Finance Minister Mohammed Al-Jadaan headed the Saudi delegation that participated in the annual ministerial meeting of the OPEC Fund for International Development (OFID) in Vienna on Thursday.

The meeting agenda included discussion of OFID’s annual report for last year, approval of financial statements for the fiscal year 2018, the lending program to be granted by the fund in 2020, and OFID’s new strategy for financial sustainability.

OFID Director General Dr. Abdulhamid Al-Khalifa said: “OFID’s vision is to be a relevant, agile and efficient development finance institution that can deliver maximum development impact to its partner countries, while becoming self-sustainable in financing its operations.”

Saudi Arabia is the largest stakeholder in the fund, which was established in 1976 with the aim of promoting cooperation among member states to help poor countries increase their economic and social growth.

OFID provides concessional financing in the form of loans to support infrastructure and social projects, and to enhance productivity by focusing on projects that meet developing countries’ basic needs such as food, energy, health care and education. 

It also contributes to the provision of financing for private sector projects and trade finance. 


US State Department calls Saudi Arabia ‘important strategic partner’

Updated 25 February 2020

US State Department calls Saudi Arabia ‘important strategic partner’

  • The comments come following US Secretary of State Mike Pompeo's visit to the Kingdom
  • Pompeo discussed regional issues with King Salman and Crown Prince Mohammed bin Salman

WASHINGTON: The US State Department on Monday said Saudi Arabia was an "important strategic partner" and paid tribute to the "historical relations" between the two countries.

The comments come following US Secretary of State Mike Pompeo's visit to the Kingdom during a tour of Middle East and African countries last week.

The State Department added that Pompeo discussed regional issues with King Salman and Crown Prince Mohammed bin Salman, and said the US-Saudi Arabia relationship was a "distinct" one that went beyond confronting Iran.

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It also said that the situation in Syria was "catastrophic," while calling on Russia and Iran to do more to protect civilians and saying there was no military solution to the conflict in the country.

The department also spoke about the situation in Iraq, saying the Iraqi Prime Minister-designate, Mohammed Tawfiq Allawi, must include the Kurds and Sunnis in the formation of a government.

The US said that Iran was responsible for aggression against its interests in Iraq and said it would prevent Iraqi militias from attacking the Green Zone.