OPEC Fund for International Development (OFID)

The OPEC Fund for International Development (OFID) is an intergovernmental development finance institution established in 1976 by the member states of the Organization of the Petroleum Exporting Countries. OFID's primary goal is to support socio-economic development and alleviate poverty in developing countries by providing financial assistance in the form of loans, grants, and technical assistance. OFID focuses on various sectors, including infrastructure, education, healthcare, agriculture, and private-sector development. It operates in partnership with other international organizations and development agencies to promote economic growth and stability in its beneficiary countries. The organization provides financial resources to support development projects, particularly in countries with low-income economies, and aims to enhance their capacity to achieve sustainable development goals. OFID's funding initiatives contribute to infrastructure development, social services improvement, and economic diversification in its member countries.