OPEC Fund for International Development

The institution's central mission is to foster South-South Partnership with fellow developing countries worldwide with the aim of eradicating poverty.

[4] The OPEC Fund provides financial assistance in a number of ways, with the distribution between the different types of aid changing over time as conditions in recipient countries evolve and needs alter.

A replenishment of US$1 billion was approved in June 2011 by the institution's supreme authority, the Ministerial Council, as a direct response to the increasing needs of developing countries and the negative impact of the financial crisis on their economies.

In 1938 following the dissolution of the German Order of Knights, the building was seized by National Socialist (Nazi) Germany and, in 1942, it was handed over to the police authorities.

The Declaration called for the complete eradication of energy poverty as a global priority and urged the OPEC Fund to intensify its efforts in support of this goal.

The EPI was launched by King Abdullah bin Abdul Aziz of Saudi Arabia in June 2008 and subsequently adopted by the OPEC Fund as its flagship program.

In June 2012, the OPEC Fund Member Countries issued a Ministerial Declaration on Energy Poverty and dedicated a revolving minimum sum of US$1 billion to finance the EPI.

In 2011, the OPEC Fund's then Director-General Suleiman Jasir Al-Herbish was invited to join the UN Secretary-General's High-level Group on SEforAll, which was charged with developing the Action Agenda that was presented to the 2012 Rio+20 Summit.

Public sector lending[10] forms the central pillar of the OPEC Fund's operations, accounting for more than two-thirds of total, cumulative commitments.

The Facility seeks out transactions that are developmentally, environmentally and socially sound, applying credit principles in line with standard practices and setting reasonable market-based return targets.

TFF financing has been used to support the import/export of a diverse range of goods/sectors, including oil, cotton, steel, strategic food products, garments and equipment.

Grants are awarded largely on the basis of the type of project and its expected outcomes; the number of beneficiaries; and the recipient country's socio-economic situation.

The Grants Program includes the following sub-programs:[13] The Common Fund for Commodities (CFC) is an autonomous intergovernmental financial institution established within the framework of the United Nations.