Chapter 32

OPEC FUND

 

32.1 The OPEC Fund for International Development (earlier known as OPEC Special Fund) is a multilateral agency for financial cooperation and assistance. It was established by OPEC member Countries and endowed by them with an international legal personality. The objective of the Fund is to reinforce financial cooperation between OPEC Member Countries and other developing countries by providing financial support to assist developing countries in their economic and social development efforts. This the Fund does by providing loans for balance of payments support and for the implementation of development projects and programmes. The Fund also finances technical assistance activities.

32..2 The Fund has extended fourteen loans to India amounting to US$ 218.800 million at the end of 1998-99 out of which US$.180.875 Million have been utilised upto 31st March, 1999. The first loan of US$ 21.80 million in 1977 was for balance of payment support and the subsequent thirteen loans for various developmental projects, the details of which are given in Annexure-I. Last loan was for the Shimla Sewerage Project.

32..3 The details of utilisation of loans and debt servicing payment thereof are given in Annexure I.