A delegation of UAE financial ministers has touched down in Vienna ahead of the 30th annual meeting of the Organisation of Petroleum Exporting Countries Fund for International Development (OFID).
The ministers will meet with their counterparts from the 11 other members of the cartel to discuss various potential investment projects, as well as adopting the financial statements for 2008.
High on the agenda this year will be allotting soft loans programmes designed to promote social and economic progress among developing nations.
So too, the group will discuss investment opportunities in the private sector in emerging economies, as well as administering humanitarian relief and food aid programmes.
OFID was set up by founding members of the cartel in 1976. Since then, it has been striving for broader cooperation between the group, as well as looking to invest in developing countries in fields such as education, infrastructure, health and social welfare programmes.
The group has recently unveiled an independent report examining the long-term potential of biofuels in developing nations.