Algerian Radio
Algeria, represented by the Minister of Internal Trade and National Market Regulation, Amel Abdellatif, chaired the proceedings of the Ministerial Council meeting of the OPEC Fund for International Development (OFID) this Wednesday in Vienna, Austria, as it assumed the presidency of the body for a one-year term.
The presidency of the OFID Ministerial Council was entrusted to Algeria by the Republic of Venezuela during the Council's annual session, in a move that reflects the trust Algeria enjoys within this financial and international development institution belonging to the member states of the Organization of the Petroleum Exporting Countries (OPEC).
Algeria's presidency of the Council holds particular significance as it coincides with the celebration of the 50th anniversary of OFID's establishment in 1976. This historic milestone serves as a reminder of the central role Algeria played in the creation of this international development institution.
This role dates back to the Summit of OPEC Heads of State hosted by Algeria in 1975, which marked a major turning point in strengthening cooperation and solidarity among developing countries and ultimately led to the initiative to establish OFID in 1976.
The Algerian presidency of the OFID Ministerial Council reflects Algeria's ongoing commitment to supporting sustainable development efforts and strengthening international cooperation. This aligns with the Fund's founding principles, which include supporting the socioeconomic development of partner countries and contributing to shared global prosperity.
This occasion also provides an opportunity to reaffirm Algeria's standing and active role within international economic and development institutions, as well as its support for initiatives aimed at promoting inclusive and sustainable development.
