Press release

27 Apr 2006

Beirut

OFID Director-General Spotlights Achievements

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Mr. Suleiman Al-Herbish, Director-General of the OPEC Fund for International Development (OFID) delivered a lecture at the invitation of UNESCWA today at the UN House, Beirut. Arab and foreign ambassadors, Lebanese ministers and parliament members, UN representatives, university and research center staff, and the media attended the lecture. Al-Herbish presented an overview of the Fund and highlighted its achievements over the last 30 years. Ahead of the speaking engagement, the OFID Director-General met with Executive Secretary Mervat Tallawy and a number of senior UNESCWA officials. Welcoming him to UNESCWA, Tallawy commended current relations between UNESCWA and OFID as “they reflect a mutual desire to support the development process in the region.” She praised the Director-General’s managerial and professional skill and said he was a striking Saudi figure who has excelled in managing governmental and non-governmental organizations. In his lecture, Al-Herbish explained that 119 countries in Africa, Asia, Latin America, the Caribbean, the Middle East and Europe have benefited from OFID’s financial assistance “with 42% of our projects targeting the least developed countries (LDCs) in Africa.” He added that the Fund is executing its activities within a three-year lending program to two major groups: the Balance of Payments in member countries and heavily indebted poor countries. Al-Herbish said, “There is a focus on energy, agriculture, health, infrastructure, education and transport.” He noted that 27% of Fund activities are focused on transport, which is considered an important sector. “I noticed this in my visits to benefiting countries. Seven years ago,” said Al-Herbish,”The OFID Cabinet opened a window to assisting the private sector by acknowledging its role in determining the economic development trends of beneficiary countries in Africa, Asia and others. In this context, we are making agreements that encourage and protect investments by relieving them of taxes. Hence, we commence negotiations with the beneficiary countries and gain their approval.”
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