UAE delegation discusses scope of cementing ties with Opec Fund

Abu Dhabi: Younis Haji Al Khouri, undersecretary of the Ministry of Finance, is heading a delegation to the Opec Fund for International Development’s 34th Ministerial Council meeting in Vienna to discuss relations with other Opec countries and investments.

Al Khouri said in a statement before his departure on Thursday that since the establishment of the fund in 1976, the UAE has been very supportive of its operations and has been working on facilitating its ability to implement development operations.

“We encourage the Fund’s efforts to diversify its products and services in order to strengthen its areas of development and to be better equipped to play an active role in the fight against poverty and hunger in less privileged countries, and to support various fields in need of growth and development,” said the undersecretary.

He said the UAE would discuss capitalising Dh4.4 billion from the general reserve of the paid capital.

According to the Ministry of Finance, the Fund’s operations have developed considerably in 2012 with approved contributions amounting to more than Dh55.6 billion with more than 133 countries benefitting from its services.

The Fund has spread financing mostly to African countries, then Asian, Latin American and Caribbean as well as some European countries. Such assistance is extended to social and humanitarian development operations through three regular grant programmes: technical assistance, research and similar activities and emergency relief aid.

A breakdown of the sectors benefitting from the fund show the transport sector receives a ratio of 32 per cent, 20 per cent for energy and 15 per cent for agriculture, according to the Ministry of Finance.

The statement said the Opec Fund had recorded net profit of Dh1.1 billion million by end of 2012 and its total assets amounted to Dh22.8 billion.