Crude Oil
OPEC Fund pledges $1 billion for new financing to developing nations
OPEC Fund For International Development pledged more than $1 billion to Africa and other developing countries as part of a broader pledge by Arab nations to spend $2 billion over the next 5 years. The fund was created by the Organization of Petroleum Exporting Countries (OPEC) to finance projects in countries that are not OPEC members. It also introduced a new initiative for trade financing to help countries ensure imports and liquidity when times of crisis arise. The United States and several European countries are reducing the amount of bilateral assistance they give to the poorer countries of the world....