Press Release

OPEC Fund establishes special account for emergency relief operations

76/2005 June 20,2005 Vienna,Austria
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The OPEC Fund for International Development has announced the launch of a Special Account for Emergency Relief Operations. The dedicated account was approved on June 15, by the Fund's highest policy-making body, the Ministerial Council, at its 26 th Annual Session, in Seefeld, Tyrol, Austria.

Since its inception in 1976, the Fund has delivered over US$46.6 million in emergency assistance to help finance relief operations in the wake of numerous natural or man-made disasters. More than half of this amount (US$25 million) was approved as a single donation in 1981 to the International Food Reserve, when many parts of the African continent were struck by prolonged drought and famine.

To date, 54 developing countries have benefited from emergency relief provided by the Fund. Most recently, these include Southeast Asia nations that were badly hit by the December 2004 tsunami disaster and IR Iran, following an earthquake in mid-February, this year. Emergency aid is the only kind of financing granted by the Fund to its Member Countries.

The new account adds to the three other dedicated grant accounts set up by the Fund in recent years: the Special Grant Account for HIV/AIDS Operations, the Special Grant Account for Palestine, and the Food Aid Special Grant Account.