Iran chairs OFID meeting in Caracas

Business Materials 21 June 2010 11:25 (UTC +04:00)

The 31st ministerial meeting of the OPEC Fund for International Development (OFID) was held in the Venezuelan capital, Caracas on June 17, 2010, chaired by Iranian Finance and Economic Affairs Minister Shamseddin Hosseini.

Heading a delegation of parliamentary and economic officials, Hosseini attended the meeting as the chairman for the second consecutive year.

Extending gratuitous aids to survivors of unexpected natural disasters and funding projects in efforts to eliminate AIDS were among the meeting's approvals.

The OPEC Fund for International Development (OFID) is a multilateral development finance institution established in 1976 by the Member Countries of the Organization of the Petroleum Exporting Countries (OPEC).

Its objective is to reinforce financial cooperation between OPEC Member Countries and other developing nations, by providing financial support to the latter for their socio-economic development.

The resources of OFID are also used to provide grants for food aid, technical assistance, research and similar intellectual activities.

Algeria, Gabon, Indonesia, the Islamic Republic of Iran, Iraq, Kuwait, GSP Libyan AJ, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela are the current members of the OFID.