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.
Arab Fund for Economic and Social Development | |
|---|---|
 Emblem
| |
 Map indicating members of the Arab League. | |
| Headquarters |  Kuwait |
| Official languages | Arabic |
| Type | Development finance institution of the Arab League |
| Membership | |
| Leaders | |
• Chairman | Abdulatif Y. Al-Hamad |
| Establishment | |
| 16 May 1968 | |
• First meeting | 6 February 1972 |
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.
AFESD Purpose
editThe 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.
Governance
editAFESD is operated by two main committees, the Board of Governors, the Board of Directors which has a chairman. These committees oversee the Support Services Department, the Administrative Affairs Department, the Financial Affairs Department, the Operations Department and the Investment Department, all of which have many smaller units and sections.
| Name | country |
|---|---|
| Mr. Bader M. Alsaad | Kuwait |
About Mr. Bader M. Alsaad
editMr. Bader M. Alsaad has been the chairman of the Board of directors and the standing General Manager. He graduated from Kuwait University with a bachelor's degree in accounting. Mr. Alsaad has an extensive history serving in leadership positions at financial institutions around the world.He was previously the CEO of Kuwait Financial Center ‘Markaz’, the leading investment firm in Kuwait from 1997-2003. He has also previously served as a manager in the Kuwait Managing Authority from December 2003 until April 2017. He has also held various positions at the Bank of Kuwait and the Middle East. He is also a founder and former chairman of International forum of Sovereign Wealth Funds.[5]
Mr. Bader M. Alsaad is also currently on the Board of Directors and on the Executive Committee in the Kuwait Investment Authority. Supervisory board of Daimler AG and Daimler Trucks. He is on the Global Advisory Council for the Bank of America and is also notably on the Board of Directors for BlackRock[5]
| Name |
|---|
| Mr. Fouzi Lekjaa |
| Mr. Musallam Mahad Ali Qatan |
| Ms. Mariam Al Amiri |
| Mr. Ahmed Omar El Ghanay |
| Ms. Ghadeer Hegazi |
| Mr. Abderrahmane Khiddi |
| Dr. Fahad Ibrahim A. AlShathri |
| Mr. Waleed SH. Albahar |
| Name | Country |
|---|---|
| Dr. Gibril Ibrahim Mohammed | Republic of Sudan |
| Mr. Laziz Fayed | People's Democratic Republic of Algeria |
| Ms. Zeina Toukan | Hashemite Kingdom of Jordan |
| Ms. Nadia Fattah Alaoui | Kingdom of Morocco |
| Mr. Mohammed Bin Hadi Al Hussaini | State of the United Arab Emirates |
| Sheikh Salman Bin Khalifa Al-Khalifa | Kingdom of Bahrain |
| Mr. Ali Bin Ahmed Al Kuwari | State of Qatar |
| Mr. Mohammed Bin Abdullah Al Jadaan | Kingdom of Saudi Arabia |
| Mr. Samir Abdelhafidh | Republic of Tunisia |
| Dr. Khalid Al Mabrouk Abdalla Al Mabrouk | State of Libya |
| Dr. Rania Al Mashat | Arab Republic of Egypt |
| Dr. Waed Abdullah Badhib | Republic of Yemen |
| Mr. Nabil Adnan Al-Jisr | Republic of Lebanon |
| Eng. Noora Sulaiman Salem Al Fassam | State of Kuwait |
| Mr. Sidi Ahmed Ould Bouh | The Islamic Republic of Mauritania |
| Mr. Sultan bin Salem bin Saeed Al-Habsi | Sultanate of Oman |
| Dr. Wael Zakout | State of Palestine |
| Mr. Ilyas Moussa Dawaleh | Republic of Djibouti |
| Mr. Ibrahim Muhammad Abdel Razzaq | Union of the Comoros |
| Ms. Taif Sami Mohammed | Republic of Iraq |
| Dr. Kanan Yaghi | Syrian Arab Republic |
| Name | Country |
|---|---|
| Mr. Marwan Al Rifai | Hashemite Kingdom of Jordan |
| Mr. Ayman Mohammed Al-Sayari | Kingdom of Saudi Arabia |
| Mr. Ahmed Kojak | Arab Republic of Egypt |
| Ms. Wazira Mohammed Ahmed Al Sharmani | Republic of Yemen |
| Mr. Waleed S. Al-Bahar | State of Kuwait |
| Mr. Khaled Mohamed Balama | State of the United Arab Emirates |
| Mr. Yousif Abdulla Humood | Kingdom of Bahrain |
| Mr. Nasser Qatami | State of Palestine |
| Mr. Fouzi Lekjaa | Kingdom of Morocco |
| Mr. Mohamed Salem Ould Al Nani | The Islamic Republic of Mauritania |
| Mr. Sadeq Hweidi Abbas | Republic of Iraq |
- ^ "Member states". Arab Fund for Economic and Social Development. Retrieved 2010-08-11.
- ^ Arab Fund for Social and Economic Development. "Purpose of the Fund". arabfund.org. Retrieved October 16, 2024.
- ^ "Arab Fund For Economic and Social Development". Arab.org. December 6, 2024. Retrieved December 6, 2024.
- ^ The Arab Fund for Economic and Social Development. "Operational Outcome". the Arab Fund for Economic and Social Development. Retrieved October 16, 2024.
- ^ a b c d e f The Arab Fund for Economic and Social Development. "Organization and Management". The Arab Fund for Economic and Social Development. Retrieved October 16, 2024.