Arab Fund for Economic and Social Development

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Arab Fund for Economic and Social Development

A financial institution intended to benefit international development in Arab countries. AFESD was established in Kuwait in 1972 under the aegis of the League of Arab States. The AFESD has several billion dollars in assets. See also: Petrodollar.
References in periodicals archive ?
A meeting will also be held with six Arab funds, namely AFESD, the SFD, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the Abu Dhabi Fund for Development and the OPEC Fund to discuss the financing of a project that aims to channel water from the Tigris River to the northeastern governorate of Hassakeh, it said.
Meanwhile, Chairman of the Board of Directors of the AFESD, Abdul-Latif Yousif Al-Hamad expressed his pleasure over the fund's contribution to the implementation of the project of the new Khartoum Airport, besides the development of eastern Sudan
AFESD, he said, which has always been proud of its co- operation with Tunisia in the country's different development plans, is today ready to carry on action to back up the development work and contribute to the achievement of projects to reach the hoped-for targets.
The signing took place in Kuwait between Minister of International Cooperation Nagla Al-Ahwani and Director General of the AFESD Abdullatif Al-Hammad.
After signing the agreement, Minister of Planning and International Cooperation Mohammed al-Sdi hailed the keenness of the AFESD in boosting the development and stability paths in Yemen via funding a lot of development projects and vital service.
AFESD members are comprised of Arab countries, and it aims to enhance and encourage cooperation and solidarity among the Arab countries.
AFESD will also pump $100 million into the Social Fund for Development (SFD) to help fund the fourth phase of the SFD.
AFESD also signed a $50m loan agreement with the state-owned Social Development Fund (SFD) to finance small and micro enterprises.
58 million), which was initialed between the Yemeni Government and AFESD.
Tunisia's participation in the AFESD capital presently stands at 18,581 million Kuwaiti dinars (109, 615 MTD).
The meetings concern the Arab Fund for Economic and Social Development (AFESD), the Arab Monetary Fund (AMF), the Inter-Arab Investment Guarantee Corporation, the Arab Bank for Economic Development in Africa (ABEDA) and the Arab Authority for Agricultural Investment and Development, in addition to a meeting of the Supervisory Board on the account established by AFESD to finance the small and medium enterprises.
Governor of Aden Adnan al-Jafari discussed on Tuesday with a delegation of the Arab Fund for Economic and Social Development (AFESD), who are visiting Yemen currently, and briefed them on the projects funded by AFESD.