OFID Sister Institutions

Trust Funds

In addition to their own national aid programs and contributions to multilateral aid agencies, some OPEC countries set up trust funds with regional development banks.

Trust funds were established by Algeria, Nigeria and Venezuela to provide finance for economic development and to promote regional integration. The Arab Oil Fund, set up by Algeria and administered by the African Development Bank, has meanwhile seen its resources fully disbursed. The Nigeria Trust Fund, also administered by the African Development Bank, is still operational, as are two other trust funds created by Venezuela and managed by the Inter-American Development Bank and the Caribbean Development Bank respectively.

  Nigeria Trust Fund (NTF)
www.afdb.org

The Nigeria Trust Fund was set up by Nigeria and is administered by the African Development Bank (AfDB). It seeks to promote the economic development and social progress of less developed and most seriously affected AfDB member countries, and does so by extending loans on softer-than-conventional AfDB terms. Twenty-eight African countries have benefited from the NTF's resources.

  Venezuelan Trust Fund (VTF)
www.iadb.org

This fund was established in 1975 by Venezuela for a period of 25 years and is administered by the Inter-American Development Bank (IDB). Its purpose is to contribute to the financing of projects and programs which have a significant effect on the development of IDB member states, through better utilization of their natural resources and the promotion of their industry.

This Fund was also established by Venezuela for a 25-year period. It is administered by the Caribbean Development Bank (CDB) and will be in effect until the year 2000. Its resources are used to finance projects and programs of significance to the development of CDB regional member states, especially the less developed among them. Priority is given to schemes which benefit more than one country and which help increase trade between Venezuela and Caribbean nations.