Press Release

OPEC Fund welcomes chief executives of multilateral finance institutions

34/2006 May 5, 2006, Vienna, Austria
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The OPEC Fund for International Development (OFID) is today welcoming heads of multilateral finance institutions for a High-Level Roundtable on Partnership for Arab Development: A Window of Opportunity. In attendance, among others, will be representatives and heads of institutions of Arab aid organizations, several multilateral and bilateral institutions, a number of UN agencies and representatives of the Vienna diplomatic community.

The Roundtable will open with a welcome address by Mr. Suleiman J. Al-Herbish, the Director-General of OFID. Each session will revolve around position papers to be presented by their authors, all of whom are experts in their given fields.

Focus of the first session will be the status of the Arab economy, with Dr. Kunibert Raffer, Professor of Economics, the University of Vienna, presenting “Macro-economic Evolutions of Arab Economies: A Foundation for Structural Reforms.” In session two, Dr. Majid A. Al-Moneef, Governor of Saudi Arabia to OPEC, will discuss “The Contribution of the Oil Sector to Arab Economic Development. ” The third session will review the efficacy of economic reforms in Arab countries; Dr. Heba Handoussa, Professor of Economics, the American University of Cairo, Egypt, will present “The Quest for Economic Reform and Structural Transformation in the Arab Region,” while Dr. Raed Safadi, Principal Economist in the Trade Directorate of the Organization for Economic Cooperation and Development, will examine “The Legacy of Trade Reforms in the Arab Countries.”

The Roundtable will conclude with open discussions and final remarks, followed by a press conference. The meeting marks the first time that the chief executives have gathered at OFID, which is observing its 30th Anniversary this year, and is one of the key events planned to observe the occasion. Over the years, OFID has worked closely with many of the attending institutions, jointly developing or co-financing major development projects and programs.