04 | THE ORGANIZATION – OUR MEMBERS
OUR MEMBERS
STATEMENT OF CONTRIBUTIONS TO OPEC FUND BY MEMBER COUNTRIES AS OF DECEMBER 31, 2023 (IN US$ MILLIONS)*
The OPEC Fund for International Development was es- tablished on January 28, 1976. The current members are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela. The OPEC Fund exclusively finances devel- opment projects in non-member, low- and middle-in- come countries. The Organization of the Petroleum Exporting Countries (OPEC) is not a member of the OPEC Fund. The two organizations do not have the same membership and are separate entities with their own unique mandates and tasks. When the member states established the OPEC Fund in 1976, they gave the organization not only a mandate, but also provided it with financial resources. The fourth round of replenishment will conclude by end-2024 (see table of contributions to the right). The Agreement Establishing the OPEC Fund stipulates that member countries do not receive a dividend, cannot withdraw paid-in capital and are not eligible for OPEC Fund assistance other than emergency grants. The resources, which are complemented by those mobilized from capital markets, are deployed in sup- port of development projects with the goal to achieve the delivery of the 2030 United Nations Sustainable Development Goals (SDGs).
Country
Pledged
Paid-in
Algeria
105.6
102.6
Ecuador
7.2
6.2
Gabon
3.8
3.5
Indonesia
13.1
12.7
Iran
529.4
237.7
Iraq
154.8
150.3
Kuwait
380.2
369.2
Libya
211.0
153.2
Nigeria
249.8
228.2
Qatar **
94.9
94.9
Saudi Arabia
1,055.7
1,025.2
United Arab Emirates
174.2
169.2
Venezuela
481.8
370.6
Total
3,461.5
2,923.3
* Rounded to the nearest hundred thousand dollar. ** Qatar was a member of the OPEC Fund until July 1, 2019.
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