OFID Sister Institutions

Multilateral Institutions

OPEC member states, acting in partnership, decided in the 1970s to join forces to achieve greater effectiveness and relevance in the field of development assistance delivery. The idea was to aim for greater impact and to better manage official aid resources, which were increasing in both volume and significance. So began OPEC's joint move into the world of multilateral development financing.

In 1971, the Arab Fund for Economic and Social Development was founded, followed closely in 1973 by the Arab Bank for Economic Development in Africa. In January 1976, the OPEC Special Fund, later renamed the OPEC Fund for International Development, was created and mandated to work to enhance solidarity and foster closer cooperation among developing countries, while "consolidating" the various activities of OPEC nations in the field of development funding.

Even before the Arab Fund and 1971, OPEC member states, acting individually and concerned by the difficult economic circumstances of neighboring countries, had provided assistance to these neighbors. At the multilateral level, the objective has been to cooperate and coordinate to make the total aid effort more effective.

Arab Authority for Agricultural Investment and Development (AAAID)
 www.aaaid.org

AAAID is an investment organization of 15 Arab states aimed at improving food security in Arab countries. Its objective is to develop agricultural resources in member states by investing in all forms of agricultural production and related activities. Particular areas of involvement include land reclamation, plant, animal and fish production, pastures, forestry, the transportation, storage, marketing, processing and exporting of agricultural produce, and, all inputs necessary for agricultural production.

Arab Gulf Program for United Nations Development Organizations (AGFUND)
  www.agfund.org

Seven Arab Gulf countries (Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) contribute to the resources of AGFUND, an organization which provides grant assistance to UN agencies and Arab NGOs in support of humanitarian projects. Projects supported by AGFUND are in the fields of health, nutrition, water and sanitation, education, disability and environment. The main beneficiaries are mothers and children.

Arab Monetary Fund (AMF)
  www.amf.org.ae

The AMF was established by Arab countries whose intent was to lay the monetary foundations of Arab economic integration, accelerate the process of economic development in all Arab nations and promote trade among them. The main activity of the AMF is the provision of loans in support of economic adjustment programs.

Arab Fund for Economic and Social Development (Arab Fund)
  www.arabfund.org

The Arab Fund finances projects for economic and social development in Arab countries. With a membership comprising all 22 members of the League of Arab States, it extends concessional loans to governments as well as to public and private organizations. Preference is given to projects that are of vital importance to the Arab world and to joint ventures involving Arab cooperation.

Arab Trade Financing Program (ATFP)
  www.atfp.org.ae

The ATFP is a specialized financial institution launched by the Arab Monetary Fund in 1989. Its objective is to develop and promote trade between Arab countries and enhance the competitive ability of Arab exporters. The ATFP functions as an autonomous body and operates through designated national agencies.

Arab Bank for Economic Development in Africa (BADEA)
  www.badea.org

BADEA seeks to promote economic, financial and technical cooperation between African and Arab countries. Funded by Arab governments, it finances economic development in African countries, stimulates the contribution of Arab capital to African development, and provides technical assistance.

Islamic Development Bank (IsDB)
  www.isdb.org

The objective of IsDB is to foster economic development and social progress in member countries and in Muslim communities in accordance with the principles of Islamic Shariah. Its membership consists of 52 countries which are also members of the Organization of the Islamic Conference. IsDB has the authority to extend financing and raise funds in many ways and to establish special funds for specific purposes.