The OPEC Fund for International Development (OFID) is the intergovernmental development finance institution established in 1976 by the Member States of the Organization of the Petroleum Exporting Countries (OPEC). OFID was conceived at the Conference of the Sovereigns and Heads of State of OPEC Member Countries, which was held in Algiers, Algeria, in March 1975. A Solemn Declaration of the Conference "reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment," and called for measures to strengthen cooperation between these countries.
OFID’s resources consist of voluntary contributions made by OPEC Member Countries and the accumulated reserves derived from its various operations. At the close of the year 2018, contributions pledged by OPEC Member Countries totalled US$4,433m out of which US$3,462m was direct contributions to OFID. The total of paid contributions from Member Countries was US$4,262m and the Reserve Account stood at US$2,941m.
The co-financing partners
To optimize the impact of its contribution to international development, OFID cooperates closely with the bilateral and multilateral agencies of its Member Countries, the World Bank Group, the regional development banks and the specialized agencies of the United Nations, as well as a host of non-governmental and other organizations.
All developing countries, with the exception of OPEC Member Countries, are in principle eligible for OFID assistance. The least developed countries, however, are accorded higher priority. So far, 134 countries worldwide have benefited from OFID's financial assistance.