OFID Sister Institutions
Bilateral Institutions
Parallel to the formation of multilateral development finance institutions, OPEC countries also moved to create bilateral agencies. The bilateral enterprise began with the establishment, in 1961, of the Kuwait Fund for Arab Economic Development, which was initially designed to help other Arab countries in their social and economic advancement. The Kuwait Fund's scope of activities and area of coverage widened in 1974 to include other, non-Arab, developing countries. In 1971, the United Arab Emirates founded the Abu Dhabi Fund for Arab Economic Development, now called the Abu Dhabi Fund for Development, offering aid in the form of loans, equity participation and technical assistance. Five other OPEC countries – Iraq, Saudi Arabia, Venezuela, the Libyan Arab Jamahiriya, and the Islamic Republic of Iran – established their own bilateral institutions in the following years. Trust Funds were set up in Africa by Algeria and Nigeria and in the Latin American region by Venezuela to assist neighboring countries.
Much like the multilateral development agencies, all of these bilateral institutions have sought to facilitate cooperation and intensify solidarity among the developing countries.
Abu Dhabi Fund
www.adfd.ae/pages/default.aspx
The Abu Dhabi Fund is a public autonomous institution established by the Government of Abu Dhabi. It seeks to offer economic aid in the form of loans, grants or capital participation projects to Arab, African, Asian and other developing countries, and to engage in other activities which support these objectives.
Organization for Investment, Economic and Technical Assistance of Iran (Iran Organization)
www.investiniran.ir
The Iran Organization is a national institution for the centralization, regulation and conduct of loans and credits, and economic and technical assistance provided by Iran to governments and national institutions, foreign investment in Iran, Iran's investment abroad and borrowing from abroad.
Iraqi Fund for External Development (Iraqi Fund)
Established as an independent agency, the Iraqi Fund promotes economic and social development in Arab and other developing countries through the provision of concessional loans and technical assistance. It also invests in joint projects involving Arab economic integration and oversees management of those investments.
Kuwait Fund for Arab Economic Development
(Kuwait Fund)
www.kuwait-fund.org
The first of the development finance institutions created by OPEC member countries, the Kuwait Fund has so far extended development assistance to 86 developing countries. Its activities include the provision of loans, guarantees and grants; technical assistance services; participation in the capital of other development institutions; and representing the State of Kuwait in regional and international organizations.
Saudi Fund for Development (Saudi Fund)
www.sfd.gov.sa/
The purpose of the Saudi Fund is to establish links for financial cooperation with other developing countries, mainly by extending concessional loans for financing projects that contribute to the social and economic well-being of beneficiary countries. Although all developing nations are eligible for assistance from the Saudi Fund, activities are concentrated primarily on the least developed countries.
Banco de Desarrollo Economico y Social de Venezuela (BANDES)
www.bandes.gov.ve (Spanish only)
BANDES, the Venezuelan Bank for Social and Economic Development, is an autonomous institution affiliated with the Ministry of Planning and Development. Domestically, its main mission is to promote and finance projects that are of strategic importance to the balanced development of the country. Internationally, BANDES has assumed the role of the Venezuelan Investment Fund in administering the programs of financial assistance to Central America and Caribbean countries, and in representing Venezuela in various international organizations that provide cooperation and financial support.