The Kingdom of Saudi Arabia hosted the 169th session of the Board of Governors of the OPEC Fund for International Development (OFID) in Jeddah from 10-11 September.

On this occasion, H.E. the Minister of Finance, Mr. Mohammed bin Abdullah Al-Jadaan, welcomed the meeting held in KSA, and thanked the Board members of OFID for accepting KSA's invitation to hold the 169th session in Jeddah, hoping that the meeting achieved positive and constructive outcomes.

H.E. explained that, at present, 134 states worldwide has benefited from OFID financial assistance and that financial assistance of approximately 24.5 billion USD has been provided since 1976. He further pointed out that KSA's contribution to OFID is about 34% ranking first with the highest contribution amounting to 903.30  million USD followed by Venezuela about (15.8%) then Kuwait (12.3%).

OFID is an intergovernmental development finance institution based in Austria. It was established by the member states of the Organization of Petroleum Exporting Countries (OPEC) in 1976 with the aim of enhancing cooperation between OPEC member countries and other developing countries, where development finance and technical support are provided to the developing countries, particularly the low-income countries, in pursuit of achieving social and economic development in such countries. OFID currently has 12 members: Saudi Arabia, Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, United Arab Emirates and Venezuela.