On 01/01/1976 , The OPEC Fund for International Development (OFID) has started to cooperate with Egypt.
The idea of establishing OFID was proposed at the conference held among heads of OPEC’s member states in Algeria in 1975. It was approved by the then-participating 13 countries in order to support cooperation between these countries on one hand, and developing countries on the other hand.
OFID was established by the member states in 1976 to support economic development and combat poverty around the world through providing financial support to the poor and developing countries in the field of infrastructure through improving the provision of services and enhancing competitiveness and productivity. It focuses on the following sectors: electricity, energy, education, health, telecommunications, agriculture, transportation and industry.
OFID contributes to financing several development projects worldwide either by providing loans to governments or to the private sector, besides providing grants for technical assistance, supporting food research, and innovation and human support.
The current cooperation portfolio with OFID includes 9 projects financed by loans worth a total sum of USD 292m.
Latest aspects of cooperation :
A Loan agreement worth USD 27m was signed between Egypt and OFID on 17\4\2015 to contribute to financing the projects of expanding and renovating Ain Shams University Specialized Hospital.