OPEC Fund for International Development, OFID, is contributing US$50 million to support energy security and economic growth in Pakistan via a participation agreement with the International Islamic Trade Finance Corporation, ITFC.
The ITFC and other financial institutions will provide the remaining balance of the syndicated amount that will enable Pakistan’s Ministry of Finance, Revenue and Economic Affairs to purchase crude oil, refined petroleum products and liquefied natural gas.
Since 1976 when OFID supported Pakistan with balance of payments, the organisation has committed more than US$1,672 million in public and private sector lending in support of development operations in the country as well as in Trade Finance and guarantees.
OFID is the development finance institution established by the Member States of OPEC as a channel of aid to the developing countries. The fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world.
OFID was established in January 1976 by the then 13 member countries of OPEC; including the United Arab of Emirates.