Lootah re-elected as the chairman of the Board of Governors of OPEC International Development Fund

This decision was made yesterday during the council meeting in Vienna.

Lootah said: "My reelection as the president of board of governors comes as a token of appreciation to the United Arab Emirates role in supporting the funds activities. The UAE has been one of the first countries that supported the establishment of the OPEC international funds, and has been regularly contributing to it."

He added that the UAE has a leading role in supporting the developing countries through offering loans to support the balance of payment, and easy loans to carry out projects and developing programs. In addition to contributing and giving loans to the international agencies, as well as supporting scientific research that combat diseases including HIV. Developing countries' governments are the first beneficiaries except countries that are members in OPEC and the International Development Agencies.

The OPEC Fund for International Development was established in January 1976 by the member countries of the Organization of the Petroleum Exporting Countries (OPEC). The Fund was established to support low-income countries in their efforts to make economic and social progress. It aims to promote cooperation between member countries of OEPC and other developing nations.