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