17.01.2012 | PR01/2012
Abu Dhabi, United Arab Emirates, January 18, 2012
The OPEC Fund for International Development (OFID) and the Abu Dhabi Fund for Development (ADFD) have agreed to work together in addressing the issue of energy poverty. The decision was made, January 17, at a working meeting at ADFD headquarters, where both sides reviewed bilateral relations in support of economic development in developing countries and discussed avenues for future cooperation and strengthening of ties. OFID’s high-level delegation led by Director-General and Chief Executive Officer, Mr. Suleiman J. Al-Herbish, was received and welcomed by ADFD Acting Director-General, Mr. Mohammed Saif Al Suwaidi.
In a presentation, ADFD introduced its activities including lending programs to boost development in developing countries. Also highlighted were programs and systems used to enhance ADFD performance and core functions which will help to achieve desired objectives.
The Acting Director General of ADFD welcomed cooperation with OFID in areas of mutual interest in order to support sustainable development in partner countries.
OFID’s Director-General commended ADFD’s policy for organizing its operations and for the advanced programs used to accomplish ADFD’s mission and development activities. Mr. Al-Herbish welcomed further cooperation with ADFD, looking forward to achieving the common goals of poverty eradication in developing countries and thus improving the standard of living of poor communities and enabling them to realize economic and social development.
The two parties agreed to expand as well as strengthen cooperation in several areas, including the Energy for the Poor initiative presented at the Third OPEC Summit, 2007; the role of different financing instruments to help eradicate energy poverty; cooperation in private sector programs; sharing expertise; and visits between two institutions.
ADFD and OFID are two senior members of the Coordination Group, which aims to achieve greater effectiveness of joint assistance through the optimal use of resources, competencies and capabilities available to the member institutions.