Press Release

OPEC Fund hosts meeting of Heads of Arab Aid Institutions

33/2006 May 4, 2006, Vienna, Austria
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The OPEC Fund for International Development (OFID) is today hosting the 10th Heads of Institutions Conference of Arab Funds, the Islamic Development Bank and OFID, which is convening under the theme Coordination and Cooperation.

In attendance will be chief executive officers and senior representatives of the Arab Bank for Economic Development in Africa (BADEA); the Arab Fund for Economic and Social Development (Arab Fund); the Arab Gulf Program for United Nations Development Organizations (AGFUND); the Arab Monetary Fund (AMF); the Islamic Development Bank (IsDB); the Kuwait Fund for Arab Economic Development (Kuwait Fund); the Saudi Fund for Development (Saudi Fund) and OFID.

The Conference will begin with an opening statement by the Director-General of OFID, Mr. Suleiman. J. Al-Herbish. The Arab Fund will lead discussions for the first session, which will focus on “The experience of the group in coordination and cooperation: objectives, achievements and challenges.” Next, the theme “Deepening the process of coordination and cooperation in the post-approval stages of the project cycle” will be introduced by the Kuwait Fund. Session one will conclude with the IsDB leading talks about “Broadening the scope of coordination and cooperation to new activities.”

The second session will cover “Knowledge of Economic Developments in Arab Countries and its management (the ‘Partnership for Arab Development Portal’),” led by the AMF, followed by “Evaluating the Development on the ODA Arena” led by the Saudi Fund. “The new development paradigm: where do we stand?” will be introduced and led by the AGFUND in the final session. The Conference will conclude with a draft Communiqué.

A special edition of OFID’s Newsletter, published in both English and Arabic, has been prepared for the occasion, collating the thoughts and opinions of the heads of Arab development finance institutions.