Press Release

Former OPEC Fund Chairman Faquih visits

12/2005 January 18, 2005, Vienna, Austria

Director-General, Mr. Suleiman J. Al-Herbish
presents HE Mr. Osama J. Faquih with a framed
photograph of the Fund's main conference room.

J. Faquih, President of the General Auditing Bureau of the Kingdom of Saudi Arabia, former Minister of Commerce and Chairman of the Governing Board of the OPEC Fund (1982-1995). On an official visit to Vienna, to attend a conference of INTOSAI, the International Organization of Supreme Audit Institutions, Mr. Faquih came to the Fund to pay a courtesy call on the Director-General, Mr. Suleiman J. Al-Herbish.

Mr. Al-Herbish and Mr. Faquih discussed global development issues, including the growing need for greater focus on infrastructure and human resources development. They also touched upon the recent tsunami disasters in southern and South-East Asia, and Mr. Al-Herbish took the opportunity to inform the former chairman about the Fund's assistance to victims of the disaster.

Mr. Al-Herbish briefed Mr. Faquih on recent developments in the OPEC Fund, touching upon the 16 th Lending Program, the new Blend Facility and Grants. He also informed Mr. Faquih about the Private Sector Facility which, indeed, took off shortly after Mr. Faquih's term as Board Chairman. Responding, Mr. Faquih recalled, with pleasure, his tenure as Board Chairman. He spoke of his delight at seeing the Fund continue with "its noble cause of assisting the poor of the world to improve standards and living conditions." He said Member Countries of the OPEC Fund recognized and appreciated the endeavors of the institution and are pleased that it continues to flourish.

The former Board Chairman also spoke about INTOSAI, a professional body working to strengthen financial accounting in various countries. Mr. Faquih is a vice-chairman of the Organization, which has its headquarters in Vienna. INTOSAI groups organizations of supreme audit institutions (SAIs) in over 180 countries that belong to the United Nations System. The SAIs play a major role in auditing government accounts and operations and in promoting sound financial management and accountability. Mr. Faquih would like to see some cooperation develop between the OPEC Fund and INTOSAI.

The Saudi General Auditing Bureau reports directly to HM the King. Faquih was also a former President of the Islamic Development Bank and a Director-General and Chairman of the Board of Executive Directors of the Abu-Dhabi-based Arab Monetary Fund.