The International Development (OFID) at the level of finance ministers meetings due to start in the Austrian capital, Vienna on Thursday. The Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf will head the delegation of the Kingdom of Saudi Arabia to the meetings of Ministerial Council of OPEC Fund for International Development (OFID) at the level of finance ministers.
The Agenda of the meetings will review the Fund's annual report and financial statements for the past year in addition to the report for 20th Lending program and a report about the execution of grants
It is worth mentioning that the OFID Fund established by the Member States of OPEC in 1976 as a collective channel of aid to the developing countries. OFID works in cooperation with developing country partners and the international donor community to help low-income countries through the provision of soft loans for development projects and programs, and to support the balance of payments in those countries. The Fund also provide grants for technical assistance, research, business, relief and humanitarian emergency, in addition the Fund supports the private sector development and finance the trade.