Press Release

OFID Director-General accepts prestigious Prix de la Fondation Award

Al-Herbish delivers keynote speech at the 18th Yearly Session of the Crans Montana Forum

21/2007 July 3, 2007, Vienna, Austria
Press inquiries:

The Director-General of the OPEC Fund for International Development (OFID), Mr. Suleiman J. Al-Herbish, expressed his “honor and delight” to Mr. Jean-Paul Carteron, Chairman and Founder the Crans Montana Forum, for nominating OFID as one of the winners of the prestigious Prix de la Fondation award. Mr. Al-Herbish accepted the Award on behalf of OFID and its partners in 119 countries at a June 29th ceremony that took place during the Forum’s 18th Yearly Session in Monte Carlo, Monaco.

While conferring the Award, Mr. Carteron described OFID as one with a strong sense of “social responsibility.” Although “rarely seen in the spotlight”, Mr. Carteron stated that OFID had made enormous contribution over the years towards helping people from the poorest regions in the world “lead better lives.”

Mr. Al-Herbish expressed his “heartfelt thanks” to the Chairman for inviting him to attend the occasion, and noted that the Award was not just an acknowledgement of OFID’s achievements, but also served as “broader recognition” of the contributions being made by all OPEC Member Countries towards “world peace, security, stability and development,” a fact “often overlooked.”

At a Plenary Session the following day, the Director-General delivered a keynote speech: Industrial development and poverty eradication with particular emphasis on Africa. Chairing the Session was Mr. Daniel Warner, Deputy Director of the International Graduate Studies Institute in Geneva, with a special contribution by HE Mr. Ephraïm Inoni, Prime Minister of Cameroon.

Mr. Al-Herbish noted that a “one-size-fits-all solution” could not be applied to the diverse African economies. He affirmed, however, that key ideas needed to be considered to help the continent achieve the Millennium Development Goals. The first area of importance included fostering North-South and South-South cooperation.

Mr. Al-Herbish also pointed out that it was essential to create an appropriate environment that encouraged Foreign Direct Investment, although, he added, this would not be possible unless a “massive boost in public sector investments” took place to develop basic infrastructure. Another vital strategy, he asserted, was the need to develop the agriculture sector, which is the “backbone of many African economies.” Finally, Mr. Al-Herbish emphasized the need to focus on an industrial development strategy suited for Africa. The Director-General also outlined OFID’s role in providing international development assistance and highlighted the institution’s US$8 billion in commitments, almost one half of which was concentrated in Africa.

After the Session, Mr. Al-Herbish chaired a lunch for 20 VIP guests of the Forum, where many issues of mutual interest were discussed.

Created in 1986, the Crans Montana Forum is an international organization that promotes international cooperation. The Forum also contributes to global growth while ensuring a high level of stability, equity and security. Its aims include the fostering of best practices and encouragement of global dialogue.