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21:37 GMT
VIENNA, July 18 (KUNA) -- The OPEC Fund for International Development (OFID) affirmed on Thursday commitment to provide support to developing countries, particularly low-income nations.
OFID made its remarks in press statement following the conclusion of its Ministerial Council's 40th Annual Session in Vienna, Austria.
The new strategy aims to diversify its financial resources and to implement a coherent and consistent set of actions geared toward making greater efficiency throughout the institution, it said.
"OFID will renew its focus on partnerships. OFID works closely with organizations such as the World Bank, regional development banks and the bilateral and multilateral agencies of OFID member countries, as well as specialized agencies of the United Nations," it added.
In addition to strengthening existing partnerships, OFID aims to form new relationships to revitalize the global partnership in support of sustainable development, noted OFID.
Meanwhile, the Ministerial Council presented the 2019 OFID Annual Award for Development to Vida Duti, Country Director of the IRC International Water and Sanitation Centre in Ghana, in recognition of her remarkable work and engagement in ensuring sustainable water, sanitation, and hygiene (WASH) services for the people of Ghana.
The 40th annual session of OFID Ministerial Council kicked off earlier with participation of Kuwait Ambassador and Permanent Representative to the UN Sadeq Maarafi and Director General of Kuwait Fund for Arab Economic Development Abdulwahab Al-Bader, who also chairs the OPEC fund board of governors.
Founded by OPEC member states in 1976, OFID is the development arm of the organization; it works with partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. (end)
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