Iran chairs OFID ministerial council

Iran Materials 17 June 2009 12:41 (UTC +04:00)

TEHRAN (MEHR - Trend )

Iran has been elected as the chairman of the OPEC Fund for International Development (OFID) ministerial council for the second consecutive year.

IRIB quoted Iran's Finance and Economic Affairs Minister Seyyed Shamseddin Hosseini as saying that, "During OFID's 30th meeting which was held in Vienna on Tuesday Iran has been elected as the fund's ministerial chairman for the second year with the positive vote of countries like Qatar, Algeria, Iraq, Indonesia, Venezuela, Libya, and Kuwait."

The OPEC Fund for International Development is an intergovernmental financing and development institution. It has been created from the member states of the Organization of Petroleum Exporting Countries (OPEC) in 1976 and is headquartered in Vienna, Austria.

OFID seeks to strengthen cooperation among the member countries of OPEC and other developing countries by the provisioning of financial resources and assisting them in their economic and social progress. A key measure discussed at the Annual Meeting was providing financial assistance in the form of soft loans for the development of projects and programs.