He Obaid Humaid Al Tayer Heads UAE Delegation at Ofid’s Ministerial Council Meeting

HE Obaid Humaid Al Tayer, Minister of Finance for Financial Affairs, headed the UAE delegation at the 39^th annual session of the OPEC Fund for International Development’s Ministerial Council, which took place last week in Vienna, Austria 

During the meeting, HE Obaid Humaid Al Tayer conveyed his appreciation to the Board of Governors, the Director General and OFID’s employees on their efforts and achievements including completing OFID’s 2017 Annual Report. HE also stressed the need to support OFID’s member countries to achieve the goals which the countries have set 

HE highlighted OFID’s pivotal role in strengthening cooperation between member countries and developing countries, and assisting low-income countries in their quest for economic growth. HE added: “UAE attaches great importance to working with leading international institutions and organisations to provide financial resources to developing countries for their economic and social growth. 

The 39^th session witnessed the presentation of the OFID Annual Award for Development which was awarded to BRAC for their efforts in supporting Rohingya refugees, providing water and sanitation services, healthcare services and educational support for children. Contributions from the Award will be directed towards BRAC’s humanitarian response in Cox’s Bazar 

The session covered matters including consideration and approval of OFID’s Annual Report 2017, financial statements, reports on the lending programmes and grant operations, as well as electing an external auditor for 2018. Participants also set the date for the next session which will be held on June, 13th 2019 in Vienna, Austria, and appointed Dr. Abdulhamid Al- Khalifa as Director General of the OPEC Fund for International Development for the next five years 

OFID has achieved several successes such as increased financing for development in 2017, its investment portfolio has exceeded expectations for the second year in a row as a result of strength in equity markets. At the end of 2017, total revenue amounted to $231 million, while total expenditure amounted to $62 million 

Revenue from financing activities for development amounted to $175 million, and increase by $ 17 million compared to the previous year. The investment portfolio resulted in increased revenue by $156 million. The Fund’s total assets by the end of 2017 amounted to US $ 7,318 million. In addition, OFID’s equity at the end of 2017 was $7,129 million. The Fund’s reserve by the end of 2017 amounted to $2,867.2 million compared to $2,740.3 million in 2016 

In terms of grant operations, 885 applications for grants and assistance were received in 2017, including 122 requests for projects to support Palestine. 65 projects worth $22,239,173 were approved. These grants were channeled through 55 supporting partners to cover projects in 56 countries