Iran Encourages OPEC To Channel Int'l Aid To IDB

Vienna, June 15, IRNA – Iran on Friday encouraged the OPEC member states to channel international assistance to Islamic Development Bank to be spent for development of the poor nations. Economy Minister Shamseddin Hosseini made the proposal at the 34th Ministerial Council of OPEC. He said that OPEC Fund for International Development should be paid to the low-risk specialized financial institutes affiliated to the member states such as Islamic Development Bank. Referring to worldˈs economic meltdown in recent years, he added that the western economies are still experiencing a terrible situation, as their growth rates are zero or even negative. Empowering regional institutes can be considered within the same context, Hosseini said, noting that OPEC Fund should use efficient strategies to evaluate and supervise development projects in target countries. Held in Vienna, the 34th Ministerial Council of OPEC Fund for International Development dealt with international economic situation, world economic growth and financial crisis in eurozone. The OPEC Fund is a multilateral development finance institution established in 1976 by the member states of the Organization of the Petroleum Exporting Countries. Its objective is to reinforce financial cooperation between OPEC member states and other developing countries, by providing financial support to the latter for their socio-economic development. One of the institutionˈs central aims is to advance South-South solidarity./end