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Arab Fund for Economic and Social Development
From Wikipedia, the free encyclopedia
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The Arab Fund for Economic and Social Development (AFESD) is a Kuwait-based pan-Arab development finance institution. All member-states of the Arab League are members of the AFESD. As of 2003, it held around US$7.3 billion in assets.
The AFESD was established by agreement of the Economic and Social Council of the Arab League. Its first meeting was held on 6 February 1972.
The current Chairman is Bader M. Alsaad.
Founding Chairman is Saeb N. Jaroudi.
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AFESD Purpose
The Arab Fund for Economic and Social Development (AFESD) claims its main purpose is “contribute to the financing of economic and social development projects in the Arab countries”(Arab Fund for Economic and Social Development 2024).[2] they execute this through providing financing for development projects, and providing loans to public and private institutions as well as encouraging investments in member states. AFESD also provides economic assistance through expert consultation in various projects.[3]
The AFESD gives priority to Arab countries in the distribution of loans which is one of their main strategies to economic development and promote cooperation for these Arab nations. The fund aims to achieve the best possible regulations of project implementation in order to promote a better approach to development. AFESD works closely with government and regulatory authorities in order to ensure proper implementation and supervision.[4]
The fund focuses on both private and public sector improvements with a priority to inter-Arab projects. Providing loans, expertise and habilitating a means of communication between governments and concerned authorities.
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