“From the beginning, we need to stimulate investment in agriculture at all levels from small farmers. IFAD and OFID have established a strong track record of cooperation. The agreement will benefit a large number of small farmers and enable them to improve their livelihoods, which is a fundamental priority for both institutions,” concluded Mr. Nwanze. The Director General of OFID stated that the signing of this agreement “not only gives us instructions for our future operations, but effectively puts us on a stronger path of cooperation.” Al-Herbish also spoke of OFID`s active support for an “Energy for the Poor” initiative to achieve sustainable development, particularly in rural areas where poverty is more common: “For us, available and affordable energy is such a powerful lever for economic and social development that we have made energy poverty reduction a cornerstone of our credit programs.” On 3 June, the OPEC Fund for International Development (OFID) signed a project agreement with UNESCO at Unesco headquarters to improve access to quality education for Palestinian children in the West Bank and Gaza Strip. The agreement, for which OFID has awarded $1 million to UNESCO, was signed by Suleiman Jasir Al-Herbish, Director General of the Vienna-based OPEC International Development Fund, and Irina Bokova. The agreement was signed by Suleiman Al-Herbish, Director General of OFID, and Mr. Yukiya Amano, Director General of the IAEA. Al-Herbish said: “Financial assistance is an important part of OFID`s development activities and we are pleased to work with the IAEA to support agriculture in Asia.

These two projects will improve food security and, ultimately, social and economic growth, two key elements of the UN`s 2030 Agenda for Sustainable Development, to which OFID has been committed wholely. It also corresponds to of THEID`s energy-water-food-Nexus approach for development. The new agreement builds on existing policies already adopted by both institutions. Its overall objective is to help developing countries fight poverty and improve the level of food security. The agreement places greater emphasis on an integrated approach to investment in farms and non-agricultural, supply chains and entrepreneurship development. Rural infrastructure and services, as advocated by the Energy for the Poor initiative as part of global efforts to alleviate energy poverty, are also at the centre of concerns. The announcement was made following the signing of a framework agreement between the two institutions by Suleiman J. Al-Herbish, Director General of OFID, and Kanayo F. Nwanze, President of IFAD. The agreement aims to broaden the scope of existing cooperation and includes a joint pipeline of projects for a three-year sliding programme for the period 2011-2013. December 21, 2017, Vienna, Austria.

The OPEC Fund for International Development (OFID) has signed a $600,000 agreement with the International Atomic Energy Agency (IAEA) to help improve food security, improve food and promote sustainable agriculture in Bangladesh, Cambodia, democratic PDR, Myanmar, Nepal and Vietnam.