Iran to raise contributions to OPEC fund

TEHRAN,May 21(MNA) - The Iranian parliament has approved a bill, allowing the administration to raise contributions to OPEC Fund for International Development (OFID) by $152.9 million. OFID is a multilateral development finance institution established in 1976 by the member countries of the Organization of the Petroleum Exporting Countries (OPEC). Its objective is to reinforce financial cooperation between OPEC Member Countries and other developing countries, by providing financial support to the latter for their socio-economic development.