UAE, OPEC Fund for International Development discuss bolstering relations

UAE, OPEC Fund for International Development discuss bolstering relations

ABU DHABI, 1st March, 2022 – Younis Haji Al Khoori, Under-Secretary of Ministry of Finance (MoF), today met with Dr.

Abdulhamid Alkhalifa, Director-General of the OPEC Fund for International Development (OFID) at the ministry’s headquarters in Abu Dhabi.

The meeting, which was attended by Majid Ali Omran, a Consultant at MoF, and Tarek Sherlala, OPEC Fund Assistant Director-General of the Financial Operations Department, sought to discuss bolstering working relations and joint cooperation between the UAE and OFID.

During the meeting, Al Khoori reiterated the importance of the bilateral relationship between the UAE and OFID.

He noted that the UAE contributes to supporting the fund’s plans and directions by providing assistance and devising development and technical programmes and economic projects to support sustainable economic development in poor and developing countries.

He said, “The UAE is committed to continuing cooperation and coordination with all regional and international bodies, institutions and organisations to support and develop strategic plans aimed at combating poverty and unemployment.

This is to achieve comprehensive and sustainable economic and social development in various countries across the world.

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For his side, the Director-General of OFID presented an overview of the fund’s latest plans, projects, and the 2021-2023 work plan.

Both parties discussed bonds issuance and investments, as well as OFID’s efforts in responding to the COVID-19 pandemic.

OFID is an international development finance institution established by the member states of OPEC in 1976 as an international bank account.

In 1980, Member States decided to turn the temporary fund into a permanent legal entity.

The UAE became a member of the fund by virtue of Federal Decree No.

56 of 1976.