OPEC fund, Iranian bank sign MOU

Iran Materials 20 June 2011 11:19 (UTC +04:00)

The OPEC Fund for International Development (OFID) and the Export Development Bank of Iran (EDBI) signed a memorandum of understanding on Thursday-MNA reports.

The MOU was signed on the sidelines of the OFID's annual ministerial meeting which was held in Vienna on June 17.

Based on the signed MOU, the two sides will carry out development and infrastructure projects in different countries.

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 countries, 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. One of the institution's central aims is to advance South-South solidarity. OFID has been headquartered in Vienna, Austria since 1976.