International Diplomat Magazine

OFID agrees to provide US$50 million to Egypt


(Vienna) – The OPEC Fund for International Development, OFID, has agreed to provide US$50 million to support Egypt’s purchase of crude oil, petroleum products, and liquefied natural gas.

A statement issued by OFID from its headquarters in Vienna declared that OIFID contributes to cover the gap between fuel consumption and local production in Egypt.

“Energy security is critical to Egypt’s economic growth,” added the statement and assured the fund’s awareness of this importance.

OFID referred to the strength of the partnership with Egypt and its history since 1976. The statement explained that OFID has extended around $1.2 billion to Egypt via various types of credit financing.

OFID is the development finance institution established by the Member States of OPEC in 1976 as a channel of aid to the developing countries. The fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. OFID was established in January 1976 by the then 13 member countries of OPEC, including the United Arab of Emirates.

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