OFID Support

The International Fund for
Agricultural Development (IFAD)
www.ifad.org

The International Fund for Agricultural Development (IFAD) is a specialized agency of the United Nations, founded in 1977 to mobilize resources for agricultural development in the poorer regions of the world.

OFID played a significant role in the establishment of IFAD, channeling US$861.1 million in contributions from OPEC member countries towards the agency's initial capital and first replenishment. Since IFAD's creation, OPEC member states have maintained their firm support of the agency, contributing to additional replenishments of its resources. In addition, OFID itself has given a further US$20 million as a special contribution from its own resources.

IMF Trust Fund
www.imf.org


Via OFID, financial resources valued at US$110 million were transferred by a number of OPEC member states to the IMF-administered Trust Fund which was established in May 1976. Representing profits accruing to seven of these countries from the sale of gold held on their behalf by the IMF, these resources were allocated to provide concessional balance of payments assistance to eligible low-income IMF member countries.

In 1994, OFID also entered into an agreement with the IMF to contribute to the Enhanced Structural Adjustment Facility (ESAF) Trust, which was established to provide loans on concessional terms to qualifying low-income IMF developing member states. The Fund has committed US$50 million to the Trust.

Common Fund for Commodities (CFC)
www.common-fund.org


OFID has been a long-standing supporter of the CFC, having made available a total of US$83.56 million in support of the institution. Of this amount, some US$37.16 million was given to cover the subscriptions of 35 least developed countries to the directly contributed capital of the First Account, while the remaining US$46.4 million represent a voluntary contribution to the Second Account.

OFID maintains a keen interest in the activities of the CFC and enjoys observer status in the two highest organs of the institution.