How OPEC spent $25bn to aid developing countries
The Organization of the Petroleum Exporting Countries (OPEC), an intergovernmental organization of 14 of the world’s major oil-exporting nations, has revealed that a total of $25bn has been disbursed to help finance projects and provide technical expertise in more than 130 countries around the world.
This was revealed by the organization’s Secretary General, Mohammad Sanusi Barkindo, in an exclusive interview with Pipeline Magazine’s Julian Walker.
“Since OFID was established at the first Summit of OPEC Heads of State and Government in 1975, it has committed around $25 billion to help finance projects and provide technical expertise in more than 130 countries. What impresses me most about OFID’s work is its focus on capacity-building, so underserved communities can take the lead improving their overall economic and social well-being,” Barkindo said.
With the core values of OPEC being to coordinate and unify the petroleum policies of member countries and the world at large, Barkindo iterated that global challenges must addressed via a multilateral and cooperative approach.
“As sister organisations, OFID and OPEC share a commitment to addressing global challenges through a multilateral, consultative and cooperative approach. I am proud that we also share the determination to alleviate energy poverty, a scourge that affects nearly one billion people and severely hampers socio-economic progress,” Barkindo added.
He further said that OPEC’s “door is always open to others who share our commitment to dialogue and cooperation to support sustainable oil market stability” and the cooperation with non-OPEC countries is to stabilise the global oil market.
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