THE HISTORY OF THE OPEC FUND
What’s in a name?
The OPEC Special Fund The first name of the institution as defined in the basic agreement signed on January 28, 1976. The name expresses the initial intention of the founding members to establish a temporary special account administered by a joint committee and consisting of a series of member states’ national accounts, pooling resources in a flexible and efficient manner. It was an account and not a fully-fledged international institution possessing legal personality. The OPEC Fund for International Development The name adopted following the revision of the basic agreement on May 27, 1980 converting the Special Fund into an autonomous agency with an international legal personality. This amendment made it possible for the OPEC Fund to provide loans in its own name. The indefinite continuity of the OPEC Fund was assured with amendments allowing loan repayments to be used in future operations. OFID The acronym was introduced together with a new logo and corporate identity in 2006 with the goal to raise the institution’s public profile and present a fresh look. A new logo was created including the motto “Uniting against Poverty.” While OFID was widely used, the full legal name remained unchanged as the OPEC Fund for International Development. The OPEC Fund for International Development Following a comprehensive corporate rebranding and the launch of a new brand identity, the institution reverted to its full name in November 2020. The new logo and a refreshed color palette symbolized the start of a new journey, setting sails for new shores.
Director-General Shihata and Austria’s Minister of Foreign Affairs, Willibald Pahr, sign the Headquarters Agreement, April 21, 1981
demonstrated the commitment of the OPEC Fund to Austria as its host country and over the decades a fruitful relationship developed, based on mutual respect and shared goals.” The institution moved into the new premises from the interim quarters at Strudlhofstiege after the Headquarters Agreement went into force on May 10, 1982, while refurbishment of the building continued. At that stage, the OPEC Fund had not only settled but also established itself as a prominent development agency with a specific South-South mandate and a distinct approach. It combined balance of payments support with project lending and provided direct assistance to partner countries as well as to development partner organizations. The first lending program, covering a 3-year period, was limited to countries that were at that time categorized by the UN as the world’s Most Seriously Affected Countries: Afghanistan, Democratic Republic of the Congo, Somalia, Sudan and Yemen. The temporary nature of the OPEC Fund in its early days was reflected in the directive: “In view of the special nature of the Fund, it would be desirable to give, whenever possible, first priority to operations which can be completed in the shortest time possible.” Later the OPEC Fund adopted the practice that under
Hanno Scheuch, Director, Institutional & Administrative Unit, Legal Services
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