THE HISTORY OF THE OPEC FUND
The Al-Herbish Era (2003-2018)
Under the new leadership, the OPEC Fund also launched a series of initiatives to further widen its partnership network and increase its visibility and recognition. Project financing remained the backbone of its activities and included: • 2003: First private sector loan of US$7.75 million in Pakistan for the development in Karachi of the Pakistan International Container Terminal. • 2004: Develi Environmental and Irrigation Project, Türkiye: US$22.7 million to support an integrated irrigation and environmental program aimed at boosting agricultural productivity. • 2005: US$5 million loan in support of the Agricultural Feeder Roads Rehabilitation Project, with the goal to improve road conditions to facilitate farmers’ access to markets. • 2006: Launch of the Trade Finance Facility with first unfunded transaction for an import program in the Seychelles. significant increase in activity the institution expanded its office space with the acquisition of the adjacent Palais Colloredo-Mannsfeld. After extensive renovation the building was reopened in June 2024. The excellent relations between the OPEC Fund and Austria are not only documented by frequent high-level exchanges. The OPEC Fund also works with Austrian enterprises and banks as well as development agencies such as the Austrian Development Agency (ADA) and think tanks in pursuit of its mission. The former Managing Director of ADA, Friedrich Stift, says about the cooperation: “Together we have
Pakistan International Container Terminal at Karachi Port
In addition to project loans, the OPEC Fund has long provided support for programs. The Social Fund for Development in Egypt was co-financed with a first US$25 million loan in 2009. The goal was to reduce poverty, boost entrepreneurial activities and enhance incomes. The OPEC Fund provided financing, technical assistance and
training to micro and small enterprises and dedicated support to low-income families, entrepreneurs, small farmers and youth. Khaled Al Zayer, who joined the OPEC Fund in 2007 as Country Manager and is now Strategy Advisor to the Vice President, Public Sector, remembers: “The project was a huge success.
achieved great success. Needless to say, we would be pleased to explore areas for further cooperation.” But Vienna is more than a place of work for the people of the OPEC Fund. By now, generations of employees have found a new home here, sent their children to Austrian schools and made their host community their home community.
The organization is also a regular donor to the “Licht ins Dunkel” charity campaign, a sponsor of the Vienna City Marathon and in 2016 dedicated a monument outside the Vienna International Center “für Wien… a lasting ‘thank you’.”
Demonstrating its gratitude to its host country, the OPEC Fund
provided a US$200,000 grant via the Austrian Red Cross after heavy flooding had hit the country in 2002.
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