Jeddah, Minister of Finance. Mohammed bin Abdullah Al-Jadaan indicated that the Kingdom of Saudi Arabia (KSA) is the largest contributor and will continue to provide full and strong support to OPEC Fund for International Development (OFID).

This statement was given in H.E.'s speech during the 169th session of the Board of Governors of OFID held in Jeddah from 10 to 11 September 2019, where he indicated that KSA is strongly committed to the vision and mission of OFID as well as the aspirations set by the early founders, and that whilst KSA is convinced of the importance of OFID for all stakeholders, it believes that OFID can and should be aimed at achieving improved results and the best outcomes.

Al-Jadaan thanked OFID members for accepting the invitation to hold this meeting.

He expressed his pride in the appreciation that the OPEC Fund enjoys within the international development finance institutions and its contribution in supporting more than 130 developing countries where it serves as a major contributor to development finance H.E. confirmed that OFID is a key player aiming to promote cooperation with developing countries around the world with a view to eradicating poverty.

He pointed out that this hard-won reputation is thanks to the tireless work and dedication by the OFID administration and personnel over the years, under the close supervision and guidance of the Ministerial Council.

He added Referring to our achievements so far, I emphasize that these are achievements that we should continue to build on through more hard and tireless work. However, our efforts must be backed by a clear understanding of what the future may bring and be guided by a sound strategic vision that allows us to overcome the challenges and embrace the opportunities".

Al-Jadaan concluded "Only by doing so can we ensure that OFID, while being integral and financially powerful, remains a respectable and responsive system that reacts to the changing needs and priorities of its partner countries despite persistent geopolitical turmoil and economic uncertainty. In this respect, I believe that the strategic framework discussed and approved at the 40th session of the Ministerial Council last July is an important step forward in the right direction".

At the end of his speech, the Minister of Finance stressed the importance of continuing work to strengthen the relationship with partners and extended his thanks to all attendees and wished that the meeting would yield positive and constructive outcomes.

Source: Saudi Press Agency

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