The International Fund for
Agricultural Development (IFAD)
The International Fund for Agricultural Development (IFAD) is a specialized agency of the United Nations, founded in 1977 to mobilize resources for agricultural development in the poorer regions of the world.
OFID played a significant role in the establishment of IFAD, channeling US$861.1 million in contributions from OPEC member countries towards the agency's initial capital and first replenishment. Since IFAD's creation, OPEC member states have maintained their firm support of the agency, contributing to additional replenishments of its resources. In addition, OFID itself has given a further US$20 million as a special contribution from its own resources.
IMF Trust Fund
Via OFID, financial resources valued at US$110 million were transferred by a number of OPEC member states to the IMF-administered Trust Fund which was established in May 1976. Representing profits accruing to seven of these countries from the sale of gold held on their behalf by the IMF, these resources were allocated to provide concessional balance of payments assistance to eligible low-income IMF member countries.
Common Fund for Commodities (CFC)
OFID has been a long-standing supporter of the CFC, having made available a total of US$83.6 million in support of the institution. This amount is made up of a voluntary contribution of US$46.4 million to the Second Account of the CFC and another US$37.2 million to cover the subscriptions of 35 least developed countries to the directly contributed capital of the CFC. By the end of 2008, agreements for CFC grants had been signed by OFID with 35 countries; US$12.7 million had been disbursed. Within the context of the second account, resources totaling US$19.5 million had been committed in support of commodities projects in 25 countries in Africa, 12 in Asia and three in Latin America. On the occasion of the 30th Annual Session of the OFID Ministerial Council on June 17, 2009, three new countries (DR Congo, Senegal, and Mozambique) were added to the list of eligible countries to benefit from subscriptions (and obtain subscription payments) to the CFC's First Account.
OFID maintains a keen interest in the activities of the CFC and enjoys observer status in the two highest organs of the institution.