Directory of Economic, Commodity and Development Organizations - table of contents

ARAB FUND FOR ECONOMIC AND SOCIAL DEVELOPMENT (AFESD)

Fonds Arabe de Développement Economique et Social 


        
HEADQUARTERS

        

P.O. Box 21923                                       Telephone:   [965]484-4500
Safat 13080                                          Facsimile:   [965]481-5750/60/70
Kuwait                                               E-Mail:      hq@arabfund.org
                                                     Internet:    www.arabfund.org


          Director General and
          Chairman of Board of Directors:    ...     Abdulatif Y. AL-HAMAD




        
LANGUAGES: Arabic (official language); English,
        French (working languages)

        
ESTABLISHMENT AND FUNCTIONS

        
The Agreement establishing the Arab Fund for
        Economic and Social Development (AFESD) was approved by
        the Economic Council of the League of Arab States on May
        16, 1968, and signed on the same date. It entered into
        force on December 18, 1971. The first meeting of the
        Board of Governors was held February 6, 1972, and the
        first meeting of the Board of Directors on November 18,
        1972. The Fund commenced operations in early 1974. 

        
The AFESD is an Arab regional financial
        institution, having an independent juridical personality.
        Its objectives are to assist member countries in
        eliminating development constraints, increasing
        absorptive capacity and achieving higher rates of growth;
        and to foster economic integration and cooperation among
        member countries. Its function is to assist the economic
        and social development of Arab countries through; (1)
        financing economic and social development projects, with preference given to
        overall Arab development and to joint Arab projects; (2)
        financing private sector projects in member states by
        providing all forms of loans and guarantees to
        corporations and enterprises possessing juridical
        personality and participating in their equity capital, as well as providing other forms of financing
        and furnishing the requisite financial, technical and
        advisory services; (3) forming or participating in the
        equity capital of corporations possessing juridical
        personality for the implementation and financing of
        private sector projects in member states, (4)
        establishing and administering special funds whose
        purpose is compatible with that of the Arab Fund, and
        whose resources are provided by the Fund or other
        sources; (5) encouraging the investment, directly or
        indirectly, of private and public capital in a manner
        conducive to the development of the Arab economy; and (6)
        providing expertise and technical assistance in the
        various spheres of economic development. 

        
Authorized capital is 800 million Kuwaiti dinars
        (80,000 shares), of which KD 663.04 million was fully
        paid by December 1989. The Fund may borrow twice the
        amount of its capital; additional borrowing may be
        authorized by the Board of Governors. No borrowing has
        yet been made. 

        
The AFESD also provides secretariat services for
        the Coordination Secretariat of Arab National and
        Regional Development Institutions, which meets
        periodically to discuss ongoing and planned development
        projects with the intention of coordinating aid and
        streamlining operational procedures among the member
        institutions. Members of the coordination group are the
        Abu Dhabi Fund for Development, the Arab Bank for
        Economic Development in Africa, the AFESD itself, the
        Islamic Development Bank, the Kuwait Fund for Arab
        Economic Development, the OPEC Fund for International
        Development, and the Saudi Fund for Development. The
        Coordination Secretariat publishes, twice a year, a
        Summary of Loans and Technical Assistance Extended to
        Developing Countries by Arab National and Regional
        Development Institutions. 

        
COMPOSITION

        
21 members: Algeria, Bahrain,
        Djibouti, Egypt, Iraq (membership suspended), Jordan, Kuwait, Lebanon, Libya,
        Mauritania, Morocco, Oman, Palestine, Qatar, Saudi
        Arabia, Somalia (membership suspended), Sudan, Syrian Arab Republic, Tunisia,
        United Arab Emirates, Republic of Yemen 

        
STRUCTURE

        
The Board of Governors is the
        highest authority. The Board of Directors
        consists of eight Directors elected by the Board of Governors for a two-year period.
        The Board of Directors exercises the powers delegated to
        it by the Board of Governors. 

        
The Chairman of the Board of
        Directors/Director General is elected by the
        Board of Governors for a five-year period and is
        responsible for the conduct of operations and appointment
        of staff. 

        
GENERAL PUBLICATIONS

        
Annual Report; Joint Arab Economic Report
        

        
UPDATED:  December 2003

        
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        Economic, Commodity and Development Organizations - table
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