Press Release

AUSTRIAN PRESIDENT RECEIVES OPEC FUND DIRECTOR-GENERAL

Al-Herbish and Fischer consolidate ties

01/2005 January 10, 2005, Vienna, Austria

President Fischer greets Mr. Al-Herbish.

The Director-General of the OPEC Fund for International Development, Mr. Suleiman J. Al-Herbish, today paid a courtesy call on Federal Austrian President, Dr. Heinz Fischer, at Vienna's Hofburg Palace.

The Director-General briefed Dr. Fischer on the work of the OPEC Fund, explaining its operational philosophy and diverse activities. In particular, he informed President Fischer about the Fund's newly-launched 16th Lending Program, including the innovative Blend Facility. He also mentioned the institution's efforts towards strengthening the private sector in its partner countries. Describing the grants program of the Fund, Mr. Al-Herbish cited recent efforts of the institution to deliver assistance to the Southeast Asia nations affected by last month's tsunamis. In this regard, he highlighted, as well, the individual support provided by Fund member countries to the relief effort. Indonesia, the country worst affected by the disaster, is a Fund member state. Mr. Al-Herbish conveyed his sympathies to the President for the loss of Austrian lives.

President Fischer showed a keen interest in the work of the Fund. He paid tribute also, to the contribution of its sister institution, OPEC, the Organization of the Petroleum Exporting Countries, to oil market stability, to the benefit of both producer and consumer countries.

Dr. Fischer inquired about relations between the OPEC Fund and host-country, Austria, and was assured by Mr. Al-Herbish that they were excellent. Mr. Al-Herbish took the opportunity to thank once again the Government and People of Austria for their continued hospitality and cooperation.