oPt

OFID approves US$15 million in fresh funds to Palestine

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PR17/2007

June 13, 2007, Pörtschach, Carinthia, Austria. During its 28th Annual Session, the Ministerial Council of the OPEC Fund for International Development (OFID) today approved US$15 million to buttress its Special Grant Account for Palestine. The fresh allocation will boost resources of the Account to US$70 million. The funds are financing projects and programs to ease hardship among communities in the West Bank and Gaza Strip.

Established in 2002, the Special Account was initially endowed with US$10 million and has since been replenished three times. Since the inception of the Account, OFID has forged partnerships with six international and regional development agencies and over 100 Palestinian NGOs specialized in various social and humanitarian causes. In addition, OFID is working in close cooperation with leading Arab aid institutions, including the Arab Fund for Economic and Social Development and the Islamic Development Bank.

OFID's interventions are backing priority areas that address a wide range of needs, including rebuilding damaged homes and rehabilitating/constructing basic infrastructure such as schools, healthcare centers and hospitals, water supply systems and agricultural land. The Account is also supporting micro-finance schemes; providing vaccines and medical supplies; assisting vulnerable populations such as children, the handicapped and low-income households; providing assistance to higher education institutions and delivering protracted food aid.

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