The OPEC Fund for International Development (OFID) is the intergovernmental development
finance institution established in 1976 by the Member States of the Organization of the
Petroleum Exporting Countries (OPEC) as a channel of assistance to the developing countries.
OFID was conceived at the Conference of the Sovereigns and Heads of State of OPEC
Member Countries, which was held in Algiers, Algeria, in March 1975. A Solemn Declaration
of the Conference “reaffirmed the natural solidarity which unites OPEC countries with other
developing countries in their struggle to overcome underdevelopment,” and called for measures
to strengthen cooperation with these countries.
