AFESD marks golden jubilee

Fund set up with KD 102m capital

KUWAIT CITY, May 15, (KUNA): The Kuwait-based Arab Fund for Economic and Social Development (AFESD), also known as the Arab Fund, marks on Wednesday its 50th anniversary of establishment.

According to the AFESD, the idea of an Arab regional institution for financial development has been on the minds of Arab leaders since the 1950’s.

This concept came into fruition in 1967 when the ministers of finance, economy, and oil, agreed on the proposal submitted by the State of Kuwait, which was the basis of the revival of this idea and the basis for the establishment of the AFESD to promote Arab cooperation and integration.

The Arab Fund was established with a capital of KD 102 million ($337 million), after the Arab League approved the text concerning the establishment of the fund on May 16, 1968.

The first official meeting was held in Kuwait on Feb 6, 1972, after the completion of the administrative and legal structure marking the beginning of its role in Arab development up to this day.

The Arab Fund’s generous, tireless, and faithful efforts were not deterred by unforeseen circumstances. The fund began to attract Arabs who were experienced and competent in the field of economic and social development.

Human resources and its development were and still the most important component of the fund’s noble efforts to the dawning of a new Arab day.

The accumulation of expertise at the Arab Fund created the recipe for success needed for the humanitarian efforts in accordance with the possibilities available in a world that is constantly moving and changing, becoming more like a global village, which is strongly influenced by their position of what is happening in their surroundings.

Since establishment, the fund provided KD 9.27 billion ($32 billion) worth of loans since 1974 and until late 2017. An amount of KD 222.2 million ($733 million) were allocated in terms of regional and national aid.

One of the key decisions made by AFESD was in 1997 when the governors’ council decided to allow the funding of private projects in the Arab world.

Since the establishment, the fund continued to increase its capital and till it reached KD 3.5 billion ($11.5 billion) by 2017.