OPEC Member States, acting in partnership, decided in the 1970s to join forces to achieve greater effectiveness and relevance in the field of development assistance delivery. The idea was to aim for greater impact and to better manage official aid resources, which were increasing in both volume and significance. So began OPEC's joint move into the world of multilateral development financing.
In 1971, the Arab Fund for Economic and Social Development was founded, followed closely in 1973 by the Arab Bank for Economic Development in Africa. In January 1976, the OPEC Special Fund, later renamed the OPEC Fund for International Development, was created and mandated to work to enhance solidarity and foster closer cooperation among developing countries, while "consolidating" the various activities of OPEC nations in the field of development funding.
Even before the Arab Fund and 1971, OPEC Member States, acting individually and concerned by the difficult economic circumstances of neighboring countries, had provided assistance to these neighbors. At the multilateral level, the objective has been to cooperate and coordinate to make the total aid effort more effective.
Arab Authority for Agricultural Investment and Development (AAAID)
Arab Gulf Program for Development (AGFUND)
Arab Monetary Fund (AMF)
Arab Fund for Economic and Social Development (Arab Fund)
Arab Trade Financing Program (ATFP)
Arab Bank for Economic Development in Africa (BADEA)
Islamic Development Bank (IsDB)