THE OPEC FUND AND DEVELOPMENT CO-OPERATION IN A CHANGING WORLD
BY Y. SEYYID ABDULAI
THE OPEC FUND FOR INTERNATIONAL DEVELOPMENT
Yesufu Seyyid Abdulai became director general and chief executive officer of the Vienna-based Organisation of Petroleum Exporting Countries (Opec) Fund in 1983 having been previously the managing director and chief executive officer of Nigeria's Federal Mortgage Bank in Lagos and, from 1971 to 1982, executive director for Africa (Group 1) at the World Bank, representing 19 African countries and Trinidad and Tobago.
This book is a collection of some 50 keynote statements made by the director general between 1990 and 2003.
The Opec Fund is mandated to assist developing countries in their quest for economic and social advancement. All developing countries, except Opec member states themselves, are, in principle, eligible for Opec Fund assistance. The resources of the Fund consist mainly of voluntary contributions of the member countries of Opec and income derived from investments and loan proceeds.
The Fund, which particularly strives to promote South-South solidarity and strengthen co-operation between all countries of the developing world, works in a number of ways.
It extends concessional financial assistance in the form of loans for development projects and programmes; it provides grants to support technical assistance, food aid, research and humanitarian relief work; it contributes to the resources of other development organisations whose activities benefit developing countries; and it participates in the financing of private sector activities.
In April 2003, the Opec...