The Arab Fund for Economic and Social Development(AFESD) is a Kuwait-based pan-Arabdevelopment 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 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
AFESD 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.
Chairman of Board of Directors and General Manager [5]
Name
country
Mr. Bader M. Alsaad
Kuwait
About Mr. Bader M. Alsaad
Mr. 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]
^The Arab Fund for Economic and Social Development. "Operational Outcome". the Arab Fund for Economic and Social Development. Retrieved October 16, 2024.
^ abcdefThe Arab Fund for Economic and Social Development. "Organization and Management". The Arab Fund for Economic and Social Development. Retrieved October 16, 2024.
