OPEC Fund for International Development (OFID)

The OPEC Fund for International Development (OFID) was proposed at the First OPEC (Organization of the Petroleum Exporting Countries) Heads of State Summit in Algiers, Algeria in 1975. The Finance Ministers of the Member Countries of OPEC proposed the creation of a new multilateral financial facility to channel aid to developing countries.

OFID was an initial Funding Agency during Phase I Funding of the JSIF. The International Bank for Reconstruction and Development (IBRD) acted as Administrator for the loan from the Fund. Loan Agreement No. 685P was signed on April 21, 1997 between the GoJ and OPEC in the amount of US$2 million with a Closing Date of June 30, 2001. This loan served to finance social infrastructure sub-projects approved by the JSIF. OFID funds have been used to finance a total of 14 social infrastructure projects costing approximately US$1.8m.

Further, on April 21, 2005 the Government of Jamaica and OPEC signed Loan Agreement No. 1007P for US$5 million which is being used as GoJ counterpart funding for the National Community Development Programme. This loan has a Closing Date of June 30. 2009.