16 June 2013
Iranian Economy Minister Seyyed Shamseddin Husseini called on the Organization of Petroleum Exporting Countries (OPEC) to play a pivotal role in providing financial support to the Islamic Development Bank (IDB).
He made the proposal at the 34th Ministerial Council of OPEC, Fars News Agency reported.
"The OPEC Fund for International Development should help low-risk specialized financial institutes affiliated to the member-states of the Islamic Development Bank," he said.
"The OPEC Fund should use efficient strategies to evaluate and supervise development projects in target countries."
The 34th Ministerial Council of OPEC Fund for International Development opened in Vienna, Austria, on Friday to deal with the international economic situation, world economic growth and financial crisis in eurozone.
The OPEC Fund is a multilateral development finance institution established in 1976 by the OPEC member-states.
Its objective is to reinforce financial cooperation between OPEC member-states and other developing countries, by providing financial support to the latter for their socioeconomic development.
OPEC was founded in Baghdad in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The founding members were later joined by Qatar, Indonesia, Libya, UAE, Algeria, Nigeria, Ecuador, Gabon and Angola.
From December 1992 until October 2007, Ecuador suspended its membership. Gabon terminated its membership in 1995 while Indonesia suspended its membership effective January 2009.
The IDB, founded in 1973, is a multilateral development financing institution located in Jeddah, Saudi Arabia.
Iranian Economy Minister Seyyed Shamseddin Husseini called on the Organization of Petroleum Exporting Countries (OPEC) to play a pivotal role in providing financial support to the Islamic Development Bank (IDB).
He made the proposal at the 34th Ministerial Council of OPEC, Fars News Agency reported.
"The OPEC Fund for International Development should help low-risk specialized financial institutes affiliated to the member-states of the Islamic Development Bank," he said.
"The OPEC Fund should use efficient strategies to evaluate and supervise development projects in target countries."
The 34th Ministerial Council of OPEC Fund for International Development opened in Vienna, Austria, on Friday to deal with the international economic situation, world economic growth and financial crisis in eurozone.
The OPEC Fund is a multilateral development finance institution established in 1976 by the OPEC member-states.
Its objective is to reinforce financial cooperation between OPEC member-states and other developing countries, by providing financial support to the latter for their socioeconomic development.
OPEC was founded in Baghdad in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The founding members were later joined by Qatar, Indonesia, Libya, UAE, Algeria, Nigeria, Ecuador, Gabon and Angola.
From December 1992 until October 2007, Ecuador suspended its membership. Gabon terminated its membership in 1995 while Indonesia suspended its membership effective January 2009.
The IDB, founded in 1973, is a multilateral development financing institution located in Jeddah, Saudi Arabia.
© Iran Daily 2013
