Establishment of the Fund

The idea of an Arab regional institution for financial development has inspired the minds of Arab leaders since the 1950's, but the concept did not come to fruition until 1967 when the ministers of finance, economy, and oil, agreed on the proposal submitted by the State of Kuwait, which was the basis of the revival of this idea and the basis for having the Arab Fund for Economic and Social Development in order to promote Arab cooperation and integration.

The Arab Fund for Economic and Social Development was then established to take on the vested task with a paid-up capital of KD 100 million, after the Arab League approved the text concerning the Establishment of the Fundon 16/05/1968. The first official meeting was then held in Kuwait on 06/02/1972, after the completion of the administrative and legal structure marking the beginning of its role in Arab development up to this day.

The Arab Fund's generous, tireless, and faithful efforts were not deterred by unforeseen circumstances. The Fund began to attract Arabs who are experienced and competent in the field of economic and social development. Human resources and its development are the most important component, which are the most important element and the foundation of The Fund's noble efforts to the dawning of a new Arab day.

The accumulation of expertise at the Arab Fund for Economic and Social Development, in all its fields and terms, creates the recipe for success needed for the humanitarian efforts in accordance with the possibilities available in a world that is constantly moving and changing, becoming more like a global village, which is strongly influenced by their position of what is happening in their surroundings.

Copyright © 2008-2020 AFESD All Rights Reserved.