DOHA: H E Ali Shareef Al Emadi, the Minister of Finance, yesterday announced that the Opec Fund for International Development (OFID) will present its new development plan for the next 10 years to the Ministerial Council next year.
This was announced during the Minister’s opening address at the OFID’s 35th Session of the Ministerial Council and 147th Session of the Governing Board which concluded here yesterday.
He said that OFID’s current development strategy will end by 2015, and a comprehensive plan determining the goals and priorities for international development will be presented to the Ministerial Council next year which will ensure the continuation of its role for next decade.
Finance Ministers of Opec member countries, and their senior representatives arrived here to participate in the sessions of the Ministerial Council, which meets annually. The council reviewed accounts, and the annual report of the Fund’s president on the past performance and future plans, as well as the new fiscal year.
The ministers after the opening session met closed doors to approve the budget of the Fund and discussed its operations, including the grants provided over the last year.
The Fund is involved in various developmental activities such as providing funds, scholarships and awards to non-governmental organisations from around the world, with special focus to the Sub-Saharan African countries.
This year’s $100,000 award was jointly shared by Kenyan Centre for Education (KCE) and ASHESI University in Ghana which was founded in 2002 by Patrick Awuah, Jr.
The Minister said that markets of the emerging economies are expected to achieve better growth of 5.3 percent in 2015 against five percent in 2014, which is anticipated to accelerate global trade, especially between developed and developing countries.
Citing International Monetary Fund’s global growth forecast he said that the world economy will continue to witness positive growth from 3.6 percent in the current year to 3.9 percent in 2015.
Speaking about the Sub-Saharan Africa region, he said that as a result of investments in natural resources the region is witnessing exponential growth but more needs to be done to achieve sustainable development.
He noted that providing poor households an access to energy, health and education services is essential, but that requires strengthening the education and health services.
He stressed that all of these goals need to be large projects adopted by the public sector and supported by development banks, including Ovid, pointing to the need for the intervention of the private sector to promote economic march as the budget of these countries will not be enough. The Peninsula