Parallel to the formation of multilateral development finance institutions, OPEC countries also moved to create bilateral agencies. The bilateral enterprise began with the establishment, in 1961, of the Kuwait Fund for Arab Economic Development, which was initially designed to help other Arab countries in their social and economic advancement. The Kuwait Fund's scope of activities and area of coverage widened in 1974 to include other, non-Arab, developing countries. In 1971, the United Arab Emirates founded the Abu Dhabi Fund for Arab Economic Development, now called the Abu Dhabi Fund for Development, offering aid in the form of loans, equity participation and technical assistance. Five other OPEC countries – Iraq, Saudi Arabia, Venezuela, Libya, and the Islamic Republic of Iran – established their own bilateral institutions in the following years. Trust Funds were set up in Africa by Algeria and Nigeria and in the Latin American region by Venezuela to assist neighboring countries.
Much like the multilateral development agencies, all of these bilateral institutions have sought to facilitate cooperation and intensify solidarity among the developing countries.
Abu Dhabi Fund for Development
Organization for Investment, Economic and Technical Assistance of Iran (Iranian Organization)
Kuwait Fund for Arab Economic Development (Kuwait Fund)
Saudi Fund for Development (Saudi Fund)
Banco de Desarrollo Economico y Social de Venezuela (BANDES)
www.bandes.gov.ve (Spanish only)