:: OPEC Fund for International Development :: Operations

- Sowing the Seeds of Hope
- Uniting Against Poverty

The Fund established a Special Grant Account for Palestine in November 2002.

Operations

Palestine Special Account

Palestine Special Account

Background

The Fund established a Special Grant Account for Palestine in November 2002, with an initial endowment of US$10 million, in response to the growing number of families displaced by the destruction of their homes.

OFID has been channeling support to Palestine since 1979, but when the second Intifada began in 2000 the situation in the area deteriorated so fast that humanitarian and development assistance became necessary on a much larger scale. In November 2002 therefore OFID set up its ‘Special Grant Account to Address the Needs of Palestine.’ Endowed initially with $10 million, its establishment helped accelerate social and economic assistance to the inhabitants of the West Bank and Gaza.

Subsequent replenishments have boosted the account to US$55 million. The reserves have been used to co-finance projects ranging from the rebuilding of damaged homes and the purchase of equipment for overstretched and under-funded local hospitals, to a micro-credit scheme and a number of social and capacity-building projects.

The Special Grant Account for Palestine remains an important OFID aid channel that provides relief from destitution and poverty and encourages sustainable social and economic growth in the region. New projects are permanently in the pipeline to boost the Palestinian people's chances of a more protected future, economically and socially.

Fund collaboration

Since the launch of the Special Account, OFID has worked in close cooperation with a number of lead Arab Aid institutions such as AGFUND, the Arab Fund and the IsDB. Other development partners include UNRWA and the WFP, all of whom are major co-financiers and have been instrumental in administering the grants and selecting priority humanitarian projects.