Press Release

OPEC Fund Director-General visits Egypt

29A/2005 March 31, 2005, Vienna, Austria

The Director-General of the OPEC Fund for International Development, Mr. Suleiman J. Al-Herbish, today begins an official visit to the Arab Republic of Egypt. The aim of the visit is to reinforce the Fund’s relationship with the country, review ongoing operations and discuss future cooperation.

The Fund’s relations with Egypt date back to 1977, when it extended two loans to the country amounting to more than US$23 million. Since that time, the OPEC Fund has continued to reinforce these ties by extending further concessionary loans in response to Egypt’s expressed needs and priorities.

The visit will include a working meeting with HE Dr. Fayza Aboulnaga, Minister of International Cooperation, as well as discussions with a number of ministers and representatives of the private sector. Mr. Al-Herbish will also meet with HE Dr. Amre Moussa, Secretary-General of the League of Arab States, with a view to strengthening mutual cooperation regarding development projects in the Arab region as a whole. The Director-General will also be received by Dr. David Arnold, the President of the American University in Cairo (AUC), and senior staff of the Law Faculty. In 2003, the OPEC Fund was closely involved in the establishment of the Dr. Ibrahim Shihata LL.M Program in International and Comparative Law at the AUC. The late Dr. Shihata was the first Director-General of the OPEC Fund, (1976–1983). Himself a man of law, he had worked tirelessly to create an advanced law program for the Arab world.

The OPEC Fund has supported the development process in both the public and private sectors in Egypt. To date, the Fund has extended financial assistance for six public sector projects, valued at US$78 million, in the fields of energy, irrigation, vocational education and medicine. It has also provided loans to three private sector entities, together with several grants in support of activities in the areas of agriculture and education. The most recent grant helped establish a new department specialized in International Law at the AUC. Named after Dr. Shihata, it is the first of its kind in the Arab region.