Article One: Legal Status, Membership and Domicile of the Fund
1.01 The OPEC Fund for International Development (hereinafter called the Fund) is a multilateral agency for financial coopera- tion and assistance established by OPEC Member Countries and endowed by them with an international legal personality.
1.02 Membership in the Fund shall be open to all OPEC Member Countries.
1.03 The Fund shall be governed by the provisions of this Agreement and by relevant recognized principles of international law.
1.04 The Ministerial Council shall determine the location of the head- quarters of the Fund which shall constitute its legal domicile.
Article Two: Objective and Functions of the Fund
2.01 The objective of the Fund is to reinforce financial cooperation between OPEC Member Countries and other developing coun- tries by providing financial support to assist the latter countries on appropriate terms in their economic and social development efforts. 2.02 The Fund is empowered to engage in all functions necessary or incidental to the carrying out of its objectives according to the guidelines to be issued for this purpose by the Ministerial Council and the Governing Board. It is, in particular, empowered to: a) provide concessional loans for balance of payments support; b) provide concessional loans for the implementation of development projects and programs; c) make contributions and/or provide loans to eligible inter- national agencies; and
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