Press Release

OPEC Fund extends US$100,000 grant to support legal participants' attendance on legal training course

113/2005 November 22, 2005, Vienna, Austria
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The OPEC Fund for International Development has approved a grant of US$100,000 to help finance the attendance of eight legal professionals from least-developed countries on a training course on Enterprise and Investment Lawyers. The course is organized by the International Development Law Organization (IDLO) and will be held in Rome, Italy from January 9 – February 10, 2006.

Proper legal expertise plays a vital role in the development process, where project financing, contracting and investment involve complex negotiations and the drafting of intricate agreements. However, many developing countries fail to derive the full benefits of international transactions as their representatives often lack the specialized legal skills to deal with the technical issues that frequently arise. Consequently, delays and excessive costs occur during a project’s implementation, resulting in many lost opportunities.

IDLO was established in March 1983 as a non-governmental, international organization and converted in 1991 to a public international entity. Its mandate is to promote the use of legal resources in the development process of developing and transition economy countries. To this end, IDLO conducts training courses for legal professionals and, since its inception, has trained some 9,600 individuals from 175 countries.

 The five-week course is designed to assist lawyers and advisors to governments and business communities in meeting the challenges that arise from the legal and policy issues associated with the economic development of the private sector in least-developed countries. It will focus on the institutional, regulatory and legal framework for establishing, reforming, modernizing and operating enterprises. Participants will examine the delicate balance between regulations intended to promote economic security and fairness in the marketplace and the needs of entrepreneurs and investors.

The OPEC Fund has been active in the creation of IDLO and furthering the development of its programs. Over the last 22 years, grants totaling US$457,000 have been extended to sponsor the attendance of participants from least-developed countries at IDLO’s programs.