Press Release

Nicaraguan President visits OFID
Discussed strengthening ties and cooperation

 

45/2006 May 17, 2006, Vienna, Austria
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The OPEC Fund for International Development (OFID) was honored to welcome Nicaraguan President, HE Enrique Jose Bolaños Geyer, at its headquarters last week. Received by OFID Director-General, Mr. Suleiman J. Al-Herbish, Mr. Bolaños was accompanied by a delegation comprising, among others, HE Mr. Norman Caldera Cardenal, Foreign Minister of Nicaragua and members of the diplomatic community.

OFID Chairman of the Governing board, HE Mr. Jamal Nasser Lootah, welcomed the delegation and stated that OFID was greatly satisfied with its three decades of cooperation with the Latin America and Caribbean region. Mr. Bolaños warmly thanked the Chairman and added that he was honored to be given the opportunity to visit OFID's headquarters.

Mr. Al-Herbish briefed the delegation on OFID's role in development since its inception, outlining the institution's achievements and objectives as well as its lending programs, and conveyed his satisfaction with the ongoing relationship OFID has with Nicaragua. He also added that the country was the largest beneficiary in the Latin America region and looked forward to future collaboration. Mr. Bolaños also extended his thanks to OFID for its long standing relationship with Nicaragua, which began more than 26 years ago.

The presence of the President at OFID headquarters offered him the opportunity to witness the signing of a US$4 million loan agreement with Nicaragua, which will support a rural poverty alleviation initiative co-financed by the Inter-American Development Bank and the Kreditanstalt für Wiederaufbau. After the signature ceremony, Foreign Minister Mr. Caldera, who signed the agreement, acknowledged the work of the Emergency Social Investment Fund of Nicaragua (FISE), the project's executing agency, and its role in the country's fight against poverty. He also expressed his appreciation to FISE president, Ms. Azucena Castillo, also a member of the delegation. Mr. Lootah and Mr. Caldera also reviewed OFID-sponsored operations currently underway in Nicaragua and expressed their mutual satisfaction with their progress. These include a scheme to rehabilitate a key section of the Pan-American Highway and multi-faceted poverty reduction project, which was also executed by FISE.

Since 1979, OFID has extended loans to Nicaragua supporting a number of projects across a wide range of sectors, as well as debt relief under the Enhanced Heavily Poor Countries Initiative. Nicaragua has also received several grants supporting technical assistance schemes and emergency aid.

Mr. Bolaños and his delegation were in Vienna on the occasion of the 4th Summit of Heads of State and Government of the European Union, Latin America and the Caribbean, which was held on May 12.