Press Release

Heads of Institutions of Arab Funds, the Islamic Development Bank and OPEC Fund for International Development reaffirm commitment to partner countries

35/2006 May 5, 2006, Vienna, Austria
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The 10th Conference of Heads of Institutions of Arab Funds, the Islamic Development Bank and OPEC Fund for International Development (OFID), which convened under the theme Coordination and Cooperation, has concluded its meeting here in Vienna. In a communiqué released today, the heads of the institutions noted with satisfaction the high degree of cooperation and coordination reflected in the operations of their institutions in providing assistance amounting to $70 billion to 130 partner countries. They reiterated their commitment to continuing the drive toward promoting development and ensuring the effective delivery of their aid to partner countries. The group reaffirmed the commitment of their institutions to assisting partner countries realize the Millennium Development Goals.

The heads of institutions expressed their full support to the ownership of partner countries of their development programs and recognized the need of these countries for technical assistance in building capacities for this purpose. In this connection, the institutions, so far as may be compatible with the policies of each, pledge to continue offering assistance for capacity building through the financing of projects and programs.

The heads of institutions expressed satisfaction at the ability of the institutions of the Group to respond to changing circumstances and commended the expansion of the activities of the Group in the social sector and micro-credit as a vehicle of alleviating poverty. They welcomed the initiative of H.R.H. Prince Talal Bin Abdulaziz Al Saud to launch an Arab African Fund for scaling up micro-credit industry in the Arab World and Africa.

Acknowledging the prominent role of the private sector in development and in the creation of new employment opportunities, they praised the programs designed by some members of the Group to provide financing for the private sector.

The heads of institutions recognized the important contribution made by the Arab Monetary Fund, the Arab Fund for Economic and Social Development and the Islamic Development Bank in trade finance. They also emphasized the need for appropriate arrangements at the international level to enable developing countries to realize their full potential in global trade.

The Group welcomed any opportunities for cooperation with international, regional and bilateral development institutions for the realization of the common objective of promoting development in partner countries, such cooperation being in a manner consistent with the policies of all parties concerned.

Taking into consideration the growing number of important development issues, the head of institutions decided to hold their conference on a more regular basis.