The International Fund for
Agricultural Development (IFAD)
The International Fund for Agricultural Development (IFAD) is a specialized agency of the United Nations, founded in 1977 to mobilize resources for agricultural development in the poorer regions of the world.
OFID played a significant role in the establishment of IFAD, channeling US$861.1 million in contributions from OPEC member countries towards the agency's initial capital and first replenishment. Since IFAD's creation, OPEC member states have maintained their firm support of the agency, contributing to additional replenishments of its resources. In addition, OFID itself has given a further US$20 million as a special contribution from its own resources.
IMF Trust Fund
Via OFID, financial resources valued at US$110 million were transferred by a number of OPEC member states to the IMF-administered Trust Fund which was established in May 1976. Representing profits accruing to seven of these countries from the sale of gold held on their behalf by the IMF, these resources were allocated to provide concessional balance of payments assistance to eligible low-income IMF member countries.
Common Fund for Commodities (CFC)
The Common Fund for Commodities (CFC) is an autonomous intergovernmental financial institution established within the framework of the United Nations. Since 1981 OFID has supported the CFC, having made available a total of US$83.6m in support of the institution. The First Account of US$37.2m enabled 38 least developed member countries to complete their subscriptions to the CFC First Account Capital. By the end of 2014, OFID had signed agreements with 37 of these countries.
Under the “Framework of Financial Support” and within the context of the Second Account totalling US$46.4m, the amount of US$37.9m has been committed in support of 57 commodity projects in 52 countries; 32 in Africa, 14 in Asia and six in Latin America. Projects eligible for financial support are commodity-focused, covering the value chain from production to consumption and benefiting the poor.