Opec Fund for International Development (OFID) said its governing board has dedicated $1 billion to fund Covid-19 impact and recovery efforts in developing countries. 

 

The allocation will be deployed in the form of Opec Fund public, private and trade finance loans.

 

OFID was established in January 1976 by the then 13 member countries of Opec; including the UAE. It is the development finance institution established as a channel of aid to developing countries.

 

At the 171st virtual governing board session, Opec Fund Director-General Dr Abdulhamid Alkhalifa said: "We recognise that many of our partners are refocusing efforts and resources to contain and mitigate the impact of Covid-19. We are committed to supporting them to do precisely this and the Board has endorsed a robust fast-track approval process as part of our emergency response initiative."

 

The Opec Fund is joining global efforts to address the socio-economic challenges the world is now facing, said the top official. 

 

The organisation will work closely with the financial institutions of the Arab Coordination Group, with multilateral development banks, as well as with specialised agencies of the UN, to provide collective, well-coordinated and impactful development financing where it is needed most, it added.-TradeArabia News Service