OFID's 39th ministerial conf. kicks off in Vienna

VIENNA, June 21 (KUNA) -- Finance Ministers of the member states of the OPEC Fund for International Development (OFID) started their 39th meeting in Vienna Thursday.
Kuwait's Finance Minister Nayef Al-Hajraf is taking part in the major event.
As the meeting kicked off, OFID offered its annual award, worth USD100,000, to a charity society from Bangladesh looking after Rohingya Muslims who fled aggression and violations in Myanmar.
The OFID ministers are expected to review a host of issues, mainly the fund's general policy, and 2018 activities, in addition to electing a new director general to succeed outgoing Suleiman Al-Herbish.
Al-Herbish will apprise the ministerial meeting of OFID's resources and ability to continue providing aid to developing countries. The ministers will also discuss means likely to help increase the fund's resources.
Ecuador is the president of the Ministerial Council current session which comprises finance ministers of the fund's member states.
OFID is the development finance institution established by the OPEC member states in 1976 as a channel of aid to the developing countries. It works in cooperation with partners and international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world.
The fund provides financing to build essential infrastructure, strengthen social services delivery and promote productivity, competitiveness and trade. OFID's work is people-centered, focusing on projects that meet basic needs - such as food, energy, clean water and sanitation, healthcare and education - with the aim of encouraging self-reliance and inspiring hope for the future. (end) amg.msa