The OPEC Fund for International Development (OFID) is a small development finance institution formed by the member states of the Organization of Petroleum Exporting Countries (OPEC) in 1976 to help developing countries stimulate economic growth and alleviate poverty. It provides financing to build essential infrastructure; strengthen social services delivery; and promote productivity, competitiveness, and trade. Since its inception, OFID has implemented well over 3,500 developmental operations and grants around the world, worth more than US$19 billion.
The agency has about 10 employees in its treasury unit who oversee various payment and cash management activities. Several years ago, its payment processes varied by geography and involved a great deal of manual work. That's why OFID launched an initiative in 2012 to streamline and standardize its payment and cash management activities. Treasury & Risk spoke with Jacobs Edo, the ERP systems coordinator for OFID, about the initiative.
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