Libya takes over presidency of OPEC Fund for International Development

Libya takes over presidency of OPEC Fund for International Development

June 24, 2022 - 11:20
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Libya took over the presidency of the OPEC Fund for International Development, succeeding the State of Kuwait, which held the outgoing presidency, the GNU Ministry of Finance has revealed.

Finance Minister, Khaled Al-Mabrouk chaired the meeting of the 43rd session of the Ministerial Council of OPEC Fund for International Development, which was held at the fund's headquarters in the Austrian capital Vienna from 21 to 22 June.

The ministry said that the Council of Ministers meeting, which was chaired by Al-Mabrouk and attended by finance ministers and representatives of member states of the fund, dealt with a number of important topics related to directing the fund's policies, expanding its activities, financing programmes, and studying risks, in order to achieve the goals for which the fund was established.

It explained that the fund's objectives are that it is a financing tool through which OPEC countries support the economies of non-oil and poor countries and provide assistance by contributing to the financing of energy projects, transform manufacturing and industry to ensure sustainability and economic growth of those countries.

The meeting also approved the annual report on the fund's activities during the past year, i.e 2021, as well as the approval of the financial statements for the same year, which showed a net profit of $196.3 millions, the Ministry added.