Press Release

OFID Director-General addresses Caribbean Development Bank

Al-Herbish pledges increased support to region

12/2007 June 1, 2007, Caracas, Venezuela
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The OPEC Fund for International Development (OFID) is set to “substantially increase its financial support to partner countries in the Latin America and Caribbean region,” according to Director-General, Suleiman J. Al-Herbish.

Mr. Al-Herbish made his remarks in a special statement to the 37th Annual Meeting of the Board of Governors of the Caribbean Development Bank (CDB), meeting in Caracas, Venezuela, on May 31.

Elaborating, the Director-General explained that “recently established new financing windows” would allow OFID to intensify its lending activities in the region. Increased funding would be available through the institution’s private sector and trade finance facilities, as well as under its traditional lending and grants programs.

“We are in Caracas to meet delegations, express our support and explore synergies with other development financing institutions,” said Mr. Al-Herbish.

The OFID delegation met with officials from the Andean Development Corporation (CAF), the CDB and the Bank for Economic and Social Development of the Bolivarian Republic of Venezuela (BANDES), among others, to exchange views and look at ways of enhancing cooperation. Similar, technical meetings were held with officials from countries attending the meeting to discuss future partnership.

Discussions also took place between the OFID delegation and senior Venezuelan officials. The delegation was also received by the Minister of Planning and Development, HE Jorge Giordani and the Minister of Finance, HE Rodrigo Cabeza Romero. The Bolivarian Republic of Venezuela is one of OFID’s most prominent Member States and a staunch supporter of the Vienna-based institution.

OFID’s ties with the Caribbean stretch back over three decades. Financing to the region has been given as concessional lending for a multitude of projects across a wide range of sectors; as grants, most notably for HIV/AIDS operations; and more recently in the form of direct assistance to private enterprise. A number of new operations are in the pipeline.