OPEC Fund Considers Issuing $1Bn Bonds

OPEC Fund Considers Issuing $1Bn Bonds

OPEC Fund for International Development (OFID) is considering issuing its first financial bonds this year in global markets, amounting to one billion dollars, announced the Director General, Abdulhamid al-Khalifa.

Speaking to Asharq Al-Awsat on the sidelines of the Islamic Development Bank Group (IsDB) meeting in Sharm el-Sheikh, Khalifa explained that the Fund could issue low-interest bonds following last year's high credit rating, but it is waiting for international markets to stabilize.

Khalifa added that the expected value of the first bonds offered by the Fund might be $300 million, $500 million, or $1 billion, in light of the Fund's plans to diversify funding sources.

He indicated that OFID appointed managers for the offering from several countries without naming them.

The OPEC Fund for International Development (the OPEC Fund) is a multilateral development finance institution established in 1976.

The organization cooperates with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world.

It is a permanent development finance institution agency with private sector and trade finance operations to help improve development impact and strengthen the institution's sustainability.

The OPEC Fund is the only globally mandated development institution that exclusively provides financing from member countries to