CHAPTER 1
The OPEC Fund works with the public sector, private sector investors and multilateral development banks. It has a AA+ credit rating from Fitch and S&P and can provide financing in the form of loans, equity and grants. It also offers instru- ments such as trade finance, guarantees and risk-sharing fa- cilities. Leveraging almost 50 years of global development work the OPEC Fund is also engaged in knowledge-sharing and advisory services.
Council — is responsible for the conduct of the OPEC Fund’s general operations. The Governing Board additionally over- sees the OPEC Fund’s activities through four sub-commit- tees (Audit & Risk, Budget & Strategy, Development Effec- tiveness, and Ethics). The OPEC Fund Management is headed by Dr. Abdulhamid Alkhalifa, who assumed his post in November 2018. For the OPEC Fund’s organizational structure, see Annex 1 of this report.
GOVERNANCE
MORE INFORMATION ABOUT THE OPEC FUND
The OPEC Fund’s resources consist of contributions made by its 12 member countries (Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela). Its supreme authority is the Minis- terial Council, composed of finance ministers of the member countries. The Council usually meets once a year and issues policy guidelines, approves the replenishment of the OPEC Fund’s resources, authorizes the administration of special funds and makes major policy decisions.
A wide range of publications, announcements and docu- ments by and about the OPEC Fund is available on
www.opecfund.org,
including its Annual Reports (available in print and online in English, French, Spanish and Arabic) and its audited Finan- cial Statements. The OPEC Fund also publishes a quarterly magazine dedicated to questions of development and sus- tainability.
The OPEC Fund’s Governing Board usually meets four times a year and — subject to directives issued by the Ministerial
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