Press Release

OPEC FUND ASSISTS STUDY PROGRAM OF THE G-77

11/2005 January 12, 2005, Vienna, Austria

The OPEC Fund for International Development today extended a grant of US$80,000 to the Group of 77 (G-77) to help finance the preparation of important technical studies and policy papers ahead of the 60^th United Nations General Assembly in September this year.

The 60^th meeting includes on its agenda several items of high relevance to the G-77. These include reviews of issues such as progress towards the Millennium Development Goals, as well as implementation of the Monterrey Consensus and the Johannesburg Program on Sustainable Development. The Assembly will also discuss the institutional reform of the UN System.

As the largest developing country coalition in the UN, the G-77 provides a means of articulating and promoting the interests of its members within the UN System and enhancing its collective negotiating capacity on all major international economic issues. Membership of the Group currently stands at 132 countries.

The Fund grant will assist in the preparation of several policy reviews, technical papers and studies on issues of vital importance to developing countries to be discussed at the fall meeting.