THE OPEC FUND TIMELINE
THE OPEC FUND AT 50 “THE GREATEST THREAT TO OUR PLANET IS THE BELIEF THAT SOMEONE ELSE WILL SAVE IT.” As the OPEC Fund marks its 50-year anniversary, here’s a look at some of the key moments in our half-century of service to the countries most in need By Nicholas K. Smith and Iris Vittini Encarnacion
1981 • Headquarters Agreement with Republic of Austria signed • Palais Erzherzog Wilhelm, also known as Deutschmeister-Palais, purchased as new Headquarters • Third replenishment agreed
1976 • The OPEC Special Fund established on January 28 with an initial endowment of US$800 million (following an agreement of the OPEC member countries in Algiers in 1975) • Ibrahim Shihata appointed first Director-General • The OPEC Special Fund becomes operational in August
1978 • 100th loan signed – US$3 million balance of payments agreement with Burkina Faso 1979 • The OPEC Fund moves
to Palais Strudlhof, its first standalone Headquarters, in Vienna, Austria
• First transaction signed – US$7.45 million balance of payments loan to Sudan
• First renewable energy project signed – US$3.5 million for the El Cajon Hydroelectric Project in Honduras
1977 • First agriculture sector project – US$1.65 million loan to Jordan for the Northeast Ghor Canal • First grant signed – US$ 1.5 million to the United Nations
1980 • Renamed the OPEC Fund for International Development • Becomes permanent legal entity as an international development agency • Second replenishment agreed
1982 • The OPEC Fund moves into permanent Headquarters on Ringstrasse • First education project signed – US$3.3 million
Development Programme (UNDP) for the Central American Energy Program • First replenishment of the OPEC Fund’s capital resources agreed • International Fund for Agricultural Development (IFAD) established following contributions from several international donors, including the OPEC Fund
for Papua New Guinea • Disbursements exceed US$1 billion
8
Powered by FlippingBook