Paris, July 4th 2023: A Memorandum of Understanding (MOU) on Development Cooperation was signed today between the Kuwait Fund for Arab Economic Development and the Agence Francaise De Développement of the French Republic, aimed at establishing a framework for technical cooperation and joint action between the Parties in the areas of financing economic and social development in developing countries and bilateral coordination in response to humanitarian crises and the exchange of information and technical expertise.
The Memorandum of Understanding was signed on behalf of the Kuwait Fund for Arab Economic Development by Mr. Waleed Sh. Al-Bahar, Acting Director General, and on behalf of the Agence Francaise De Développement, Deputy Chief Executive Officer Mr. Bertrand Walckenaer, on the margins of His Excellency Sheikh Salem Abdullah Al-Jaber Al-Sabah, Minister of Foreign Affairs for the State of Kuwait and Chairman of the Board of Directors of the Kuwait Fund for Arab Economic Development, visit to the French Republic.
The MOU will be valid for a period of five years, subject to renewal, and it is anticipated that cooperation of the Parties will focus on a number of specific activities that suit their respective mandates and operational policies, especially in countries where both Parties have active programs. The most important areas of cooperation mentioned in the MOU include the following:
1) Exchange of information and promotion of knowledge-sharing to benefit from each other’s experiences, resources and expertise, in areas of common interest including information on operations and technical-assistance programs related to the eradication of poverty, the promotion of socioeconomic and sustainable development in the Common Partner Countries, taking into account climate change and biodiversity loss issues.
2) Conduct consultations to coordinate operations and activities in Common Partner Countries, taking into consideration the respective mandate, objectives and guidelines of the Parties.
3) Identify projects and programs that qualify for support, either in the form of parallel financing and/or the provision of technical assistance, in selected sectors of intervention, including cross cutting issues like climate change. Priority regions for collaboration identified are Africa, Asia and the Middle East.
4) Exchange of publications and studies undertaken by the Parties and participate, when relevant, in one another’s forums, seminars and workshops on matters of common interest.
About the Kuwait Fund for Arab Economic Development
The Kuwait Fund For Arab Economic Development is the first institution in the Middle East that took an active role in the international development efforts.
The Kuwait Fund extends Loans on concessionary term to finance development projects in the developing countries. The Fund also provides technical assistance to finance the costs of the feasibility studies of projects, as well as the training of nationals of the borrowing countries. In addition, the Fund subscribes in the capital of international and regional development institutions. Today, the Kuwait Fund forms a solid bridge of friendship and solidarity between the state of Kuwait and the developing nations.
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