Algiers, Algeria – The Arab Fund for Economic and Social Development announced the signing of two Memorandums of Understanding to strengthen strategic partnerships and support regional growth and integration within the Arab World.
The signing took place on the sidelines of the Islamic Development Bank (IsDB) Annual Meetings in Algiers, where the Arab Fund delegation, led by Director General and Chairman Bader Alsaad, also attended the opening session and met with high-level government representatives from the ministries of finance, energy and mining, public works and transport, water resources, industry, and environment.
“The engagement in IsDB’s Annual Meetings underscores our commitment to advancing Arab Fund’s new strategy and promoting it across multiple platforms, said Bader Alsaad, Director General and Chairman of the Board of the Arab Fund for Economic and Social Development. “We extend our gratitude and appreciate to our partners at the IsDB and to other ACG partners, and we are excited to unlock new opportunities through the MoUs we signed today to drive economic growth, promote trade, and empower social development,” he added.
The MoUs aim to strengthen regional collaboration with the first focusing on boosting the exports of goods with the Saudi Exim Bank, and the second seeking to explore investment opportunities and joint financing with the Islamic Corporation for the Development of the Private Sector.
As part of Arab Fund’s dynamic agenda, Mr. Khalid Hamza, Vice President for the Private Sector Investment at the Arab Fund, took center stage at a high-profile panel titled, “Partnering for Impact: The Arab Coordination Group (ACG) and the Private Sector in Driving Sustainable Development.”
“Our valued partnership with the ACG members is crucial in mitigating investment risks and catalyzing development by providing a wide range of solutions that empower the private sector – a vital driver of economic growth in emerging markets,” said Hamza.
The delegation also engaged in bilateral meetings with representatives of regional institutions, and financial partners, reinforcing the Fund’s commitment to strengthening regional partnerships and supporting Algeria’s development priorities.
As a steadfast partner, the Arab Fund has a proud history of contributing to Algeria’s development, with numerous projects driving economic growth, job creation and contributing to the welfare of its people. Among these notable interventions are the establishment of a power generating station in Hassi Messaoud, the development of social housing in the central region, and the vital pumping and conveyance of Bani Haroun water.
The Arab Fund remains committed to supporting Algeria and strengthening ties with its government to further enhance growth and improve service delivery for all Algerians.
About the Arab Fund:
The Arab Fund for Economic and Social Development is a regional financial institution based in Kuwait, established in 1968 to support the economic and social development of Arab countries. Through loans, grants, and technical assistance, the Arab Fund finances infrastructure, education, health, water and sanitation and public service projects that contribute to sustainable development and regional cooperation across the Arab world.
Media Contact:
Mohamed Eissa, m.eissa@arabfund.org
Joyce Haykal, j.haykal@arabfund.org
