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OFID moves into trade finance
21 October 2009
The OPEC Fund for International Development (OFID) describes its movement further into supporting trade finance.
Read more:
OFID trade finance
OPEC Fund
International development institution
multilateral development trade finance
Standard Chartered OFID
Historically, OPEC Fund for International Development (OFID) has mainly supported public sector projects and programmes aimed at developing infrastructure and social services especially in the transportation, agriculture, education, health, water, sanitation and energy supply sectors. During the last few years, OFID has been expanding the scope of its operations and offering new products in order to increase its developmental impact as well as its relevance to partner countries.
In so doing, OFID has introduced a number of new financing windows. Its Blend Facility for example has introduced more flexibility into its public sector lending, bringing into the realm of its financing commercially-run publicly owned projects. Most recently, OFID has launched a new trade financing window.
The rationale for OFID’s involvement in trade finance is summarised by Suleiman Al-Herbish, OFID’s director-general: “Trade promotes economic growth and development in a number of ways and helps integrate local economies into the global economy....
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