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 For over three decades, OFID has spread its influence to 50 countries Africa, 40 in Asia, 25 in Latin America and the Caribbean, and 4 in Europe.
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Although all developing countries are eligible for its assistance, OFID focuses on the neediest countries and the most vulnerable population groups, in particular the rural poor.
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Despite diversifying into other areas of financing, OFID’s core business remains the public sector. As of the end of 2008, project loans account for around 77% - or US$7.903 billion - of OFID’s total commitments.
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OFID signed its first ever loan agreement with the Democratic Republic of the Sudan on December 23, 1976. The amount was US$7.45 million for balance of payments support.
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Taken together, agriculture and the social sectors of health, education, water supply and sanitation, represent 24% of OFID project lending.
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For eight successive years, between 1998 - 2005, transportation projects had attracted the lion’s share of OFID public sector lending. Energy projects predominated in 2006, while in 2007 and 2008 transportation was again the leading sector.
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In 2006, OFID’s established a Trade Finance Facility (TFF) as a further means of supporting the economic and social development of partner countries. Its purpose is to provide trade finance to a wide range of institutions including governments, parastatals, banks and private enterprises.
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By the end of 2008, OFID had approved and was delivering debt relief to 25 heavily indebted poor countries.
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OFID loans are given regardless of a country’s political or religious orientation; the main consideration is the economic viability of a project and its contribution to development.
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Long before it established its Private Sector Facility, OFID was already channelling assistance indirectly to the private sector through lines of credit to national development banks.
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By December 31, 2008, OFID has signed agreements for the encouragement and protection of investment with 65 host governments, paving the way for it to commence private sector operations in those countries.
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OFID played a significant role in the establishment of the International Fund for Agricultural Development, channelling US$861.1 million in contributions from OPEC Member Countries towards IFAD’s initial capital and first replenishment.
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In recognition of the importance of primary products to developing countries, OFID is a longstanding supporter of the Common Fund for Commodities (CFC). In total, OFID has given US$83.6 million to the CFC, partly to cover countries’ subscription fees and partly to help finance commodities projects.
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Austria is the only non-developing country that has received assistance from OFID. This exception was made in August 2002, when emergency aid was approved after severe flooding, in recognition of the solidarity OFID feels with its host country.
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In the interests of sustainable development, OFID often follows up emergency aid with conventional, low-interest loans to assist longer-term reconstruction in devastated regions.
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Member Countries are only eligible for assistance from OFID in the case of disaster relief or within the context of a regional program.
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