Press Release

OPEC FUND SUPPORTS MICROFINANCE INSTITUTION IN CAMBODIA

02/2005 January 12, 2005, Vienna, Austria

An agreement for a US$1.5 million line of credit was signed today between the OPEC Fund for International Development and AMRET, a licensed microfinance institution in Cambodia, which provides microfinance services to the rural population. The financing will allow AMRET to further develop its lending program and expand its client base.

Established in 1991, AMRET distributes credit through some 1,000 village associations in 10 provinces and municipalities around the country. Almost three-quarters of its loans are used to finance agricultural activities, notably rice and crop production, animal husbandry, fishing and palm sugar production. Credit is also provided for other small business ventures, such as handicrafts, food trading and processing, and bicycle and motorcycle repairs. Since commencing operations, AMRET's client base has grown steadily and is now approaching 100,000 customers.

The Fund's loan will help AMRET meet a number of key strategic objectives: expansion of its services into two new provinces, diversification of its funding sources and decentralization of some operational and financial management to the provincial level.

The line of credit represents the Fund's first private sector investment in Cambodia, although the country has benefited from support to four public sector projects. In November 2000, an agreement for the encouragement and protection of investment was signed between the Fund and the government of Cambodia .

Today's signing ceremony took place in Vienna . The agreement was signed on behalf of AMRET by Mr. Pierre Daubert, Chairman of the Board, and by H.E. Mr. Jamal Nasser Lootah, Chairman of the Governing Board of the OPEC Fund.