OFID Ministerial Declaration on Energy Poverty: pledge of revolving amount of US$1bn
| Type | Voluntary commitment by other stakeholders |
|---|---|
| Organisation | OFID, the OPEC Fund for International Development |
| Scope | Global |
| Themes | Agriculture and food security; Cross-cutting areas; Environment; Infrastructure; International public finance; Small and medium enterprises; jobs; Social sectors |
Description
OFID Ministerial Declaration on Energy Poverty was announced at Rio+20, to declare a commitment of OFID Member Countries to the eradication of energy poverty and pledges an amount of US$1bn to finance OFID’s Energy projects. This amount was changed to a revolving replenishable US$1bn in 2013 by OFID Ministerial Council based on huge demand from beneficiary countries. This revolving amount will be leveraged to scale up other resources through international, regional and national financial institutes.
Targets
measurable
Indicators
Allocation of revolving US$ 1 bn on energy projects of the OFID’s eligible partner countries. It includes all developing countries, with the exception of OPEC Member Countries. The least developed countries (LDCs), however, are granted higher priority
Resources
Combination of member country contributions and OFID reserves
Timeframe
From 2012, ongoing and revolving