Algeria to chair the Ministerial Council of OPEC Fund for Development in Vienna, Thursday

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Algeria will chair, on Wednesday, the Ministerial Council of the OPEC Fund for International Development (OFID) in Vienna in the presence of Finance Minister, Abderrahmane Raouya, the Ministry said in a statement.

At this meeting, which brings together OPEC’s Finance Ministers, the Ministerial Council will review the annual report of the OPEC Fund, review its credit policy and approve its financial statements for 2016, said the same source.

On the sidelines of this meeting, Mr Raouya will have to meet with some of his counterparts for exchanges on various subjects of common interest, added the same source.

As a reminder, Algeria was renewed in June 2016 as President of the OFID Ministerial Council, for a period of one year.

Composed of OPEC finance ministers, the fund is an intergovernmental development finance institution, the creation of which was decided at the OPEC Summit of Heads of State, held in March 1975 in Algiers.

The aim of OFID is to strengthen financial cooperation between OPEC and other developing countries, by providing them with the necessary financial support for their economic and social development on concessional terms.

 

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