Are you a graduate student in need of a scholarship? Here’s an excellent opportunity for you to become one of the successful applicants for the OFID scholarship
The OPEC Fund For International Development (OFID) is a multilateral development finance institution established in 1976. It is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively.
The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low and middle-income countries.
The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people.
Their work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare, and education
To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries. Our vision is a world where sustainable develop
History of OFID
The OPEC Fund for International Development was conceived at a Conference of the Sovereigns and Heads of State of OPEC Member Countries, in Algiers, Algeria, in March 1975.
Initially named ‘The OPEC Special Fund,’ the institution was originally intended to be a temporary channel of assistance that would reaffirm “the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment.”
It evolved into a permanent development finance institution agency in 1981, and launched private sector and trade finance operations in 1998 and 2006, respectively, to help improve development impact and strengthen its institution’s sustainability.
True to their original mandate, they have since expanded their financing instruments and now offer a wider array of services and solutions to meet the evolving needs of their partner countries
All you need to know about the OFID scholarship
The OPEC Fund For International Development (OFID) scholarship, is a scholarship award available to promising and talented individuals who wish to pursue their Master’s degrees. OFID seeks to finance and sponsor graduate students in underdeveloped countries to study any development-related course in any university of their choice.
How much is the OFID scholarship worth?
The OFID scholarship will award successful candidates a whopping amount of $50,000 which will span for 12 months (1 year) throughout the period of study. The award will cover the full cost of tuition fees, including any supplementary fees, required by your academic institution. The grant will also cover one round-trip flight between your home country and the university, health insurance, a relocation grant to help you cover additional costs of moving, and a monthly allowance for one
Who can apply for the OFID scholarship/Eligibility?
To apply for OPEC/OFID scholarship, candidates must ensure they’ve met the following criteria
– Must be between the age of 23 and 32 at the time of submitting this application.
– Must have obtained or be on the verge of completing their undergraduate (Bachelor’s) degree with a Baccalaureate from an accredited college/university, or its equivalent.
-Must be a national of a developing country (except OFID Member Countries). This means that applicants from member countries are ineligible for the scholarship.
– Must have already received an unconditional letter of offer to study a Master’s program in an accredited university and must maintain full-time status while undergoing the Master’s degree
-Must select a subject of study that pertains to OFID’s core mission, such as economics of development (poverty reduction, energy, and sustainable development), environment (desertification), or other related science and technology fields.
-Must have a minimum cumulative GPA of 3.0 or higher on a 4.0 rating system or its equivalent
Who are the member states of OFID?
OPEC has 12 member countries and these are; Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela.
Number of scholarships
Not specified. Unlike other scholarship awards, the OFID scholarship did not specify how many candidates they would consider for the offer. As a result, they have more applicants than normal. This year, the OPEC Fund received more than 7,400 applications from aspiring academics from its beneficiary countries.
How to apply for an OFID scholarship
Compile your materials
Like every other scholarship opportunity, you need to get your files ready for submission and ensure they’re in line with OFID requirements.
Register with your email address on the OFID website and ensure to submit your documents accordingly and before the application deadlines. It’s wise to apply early because you’re more likely to be selected.
Fill out the application form
You’ll be required to fill out and submit an application on their portal. Make sure to avoid errors and that all information provided is void of falsehood. It’s important to strictly adhere to their criteria when uploading your documents
Upload the necessary documents
Before you click submit on your application form, ensure you have the required documents which are scanned copies of your:
-Two recommendation letters from professors in your previous university
-Certificates from your highest level of education
-Acceptance letter into a Master’s program in a university
-A personal application letter of 500 words
Finish your application
After you’ve successfully done all these, kindly review your entries and ensure there are no mistakes. Run them again against errors because once your application is submitted, they can’t be retrieved for correction
Where to apply
You can apply here.
Is the OFID scholarship application still on?
The OPEC Fund is currently restructuring its scholarship program and will not be accepting applications at this time. Updated information will be available on the official website later in the year.
Frequently Asked Questions (FAQs)
What is OFID and when was it founded?
The OPEC Fund for International Development (the OPEC Fund) is a multilateral development finance institution dedicated to delivering socio-economic impact to low- and middle-income countries. It was founded in 1976 by the member states of the Organization of the Petroleum Exporting Countries (OPEC).
Who are the member countries of OFID?
The OPEC Fund has 12 Member Countries: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela.
What is the OFID’s main line of business?
The OPEC Fund provides public, private, and trade sector financing, as well as grants, to support vital development projects throughout the world. The OPEC Fund offers a broad range of financing solutions to respond quickly to the changing needs of its developing country partners.
Is the level of OFID related to the price of oil?
No. The Opec Funds are financed by a combination of member country contributions and retained earnings. The amount of financing that the OPEC Fund approves is entirely independent of the level of income member countries receive from their oil resources.
What are the OPEC Fund’s criteria in the decision to finance?
The OPEC Fund’s main consideration is the social, economic, and environmental viability of a development project or program and its contribution to sustainable development in the partner country.