About AFESD
- Basic Financial Data
- Statement of Changes in Member's Equity
- Statement of Financial Position
- Statement of Cash Flows
- Statement of Comprehensive Income
Basic Financial Data
Basic Financial Data as at 31/12/2022 | KD Million |
---|---|
Capital | 2,902.7 |
Total Equity (Capital and Reserves) | 4060.7 |
Loans | |
Number of Loans Approved During the Year | 3 |
Total Amount of Loans Approved During the Year | 48 |
Total Number of Loans | 712 |
Cumulative Amount of Approved Loans | 11,239 |
Cumulative Disbursements on Loans | 7,591 |
Cumulative Loan Repayments | 4,198 |
Outstanding Debt Owed to the Arab Fund | 3,393 |
Grants | |
Total Number of Grants | 1,284 |
Cumulative Grant Commitments | 273.1 |
Cumulative Grant Disbursements | 211.7 |
Cumulative Contributions to the Urgent Program to Support the Palestinian People(1) | 229.6 |
Cumulative Disbursements for the Urgent Program(1) | 201.4 |
Statement of Changes in Member’s Equity
Arab Fund for Economic and Social Development Statement of Changes in Members’ Equity for the Year Ended 31 December 2022 (KD 000)
| Share Capital | General Reserve | Additional Reserve | Grants Reserve | Change in Fair Value Reserve | Retained (losses)\ Earnings | Total Members’ Equity |
---|---|---|---|---|---|---|---|
Balance at 1 January 2022 | 2,901,096 | 323,276 | 709,378 | 17,177 | 5,541 | - | 3,956,468 |
Loss for the year | - | - | - | - | - | (5,789) | (5,789) |
Other comprehensive loss for the year | - | - | - | - | (3,219) | - | (3,219) |
Total comprehensive loss for the year | - | - | - | - | (3,219) | (5,789) | (9,008) |
Share capital paid | 1,647 | - | - | - | - | - | 1,647 |
Transfer to support people of Palestine | - | - | (11,375) | - | - | - | (11,375) |
Transfer to grants reserve | - | - | - | - | - | - | - |
Transfer to the general reserve | - | - | - | - | - | - | - |
Transfer to the additional reserve | - | - | (5,789) | - | - | 5,789 | - |
Transferred from trust account | - | - | 8,718 | - | - | - | 8,718 |
Grants approved | - | (150) | (1,380) | - | - | (1,530) | |
Grants cancelled | - | - | - | 734 | - | - | 734 |
At 31 December 2022 | 2,902,743 | 323,276 | 700,782 | 16,531 | 2,322 | - | 3,945,654 |
Balance at 1 January 2022 | 2,901,096 | 311,901 | 624,006 | 11,217 | 4,767 | - | 3,852,987 |
Loss for the year | - | - | - | - | - | 113,752 | 113,752 |
Other comprehensive loss for the year | - | - | - | - | 774 | - | 774 |
Total comprehensive loss for the year | - | - | - | - | 774 | 113,752 | 114,526 |
Transfer to support people of Palestine | - | - | (11,375) | - | - | - | (11,317) |
Transfer to grants reserve | - | - | - | 5,688 | - | (5,688) | - |
Transfer to the general reserve | - | 11,375 | - | - | - | (11,375) | - |
Transfer to the additional reserve | - | - | 96,689 | - | - | (96,689) | - |
Grants approved | - | - | (1,427) | - | - | (1,427) | |
Grants cancelled | - | - | - | 1,699 | - | - | 1,699 |
At 31 December 2022 | 2,901,096 | 323,276 | 709,378 | 17,177 | 5,541 | - | 3,956,468 |
Statement of Financial Position
Arab Fund for Economic and Social Development Statement of Financial Position as at 31 December 2022 (KD 000)
2022 | 2021 | |
---|---|---|
Assets | ||
Cash and cash equivalents | 35,964 | 13,942 |
Investments | 481,050 | 547,082 |
Share in the capital of related institutions | 49,669 | 49,249 |
Investment in an associate | 82,461 | 80,180 |
Loans | 3,303,174 | 3,253,640 |
Receivables from participants in the building | 3,426 | 3,731 |
Other assets | 60,364 | 79,663 |
Total Assets | 4,016,108 | 4,027,487 |
Liabilities and Members’ Equity | ||
Liabilities | ||
Grants | 21,744 | 24,625 |
Provision for pension fund | 13,848 | 13,456 |
Other liabilities | 34,862 | 32,938 |
Total Liabilities | 70,454 | 71,019 |
Members’ Equity | ||
Share capital | 2,902,743 | 2,901,096 |
General reserve | 323,276 | 323,276 |
Additional reserve | 700,782 | 709,378 |
Grants reserve | 16,531 | 17,177 |
Change in fair value reserve | 2,322 | 5,541 |
Total Members’ Equity | 3,945,654 | 3,956,468 |
Total Liabilities and Members’ Equity | 4,016,108 | 4,027,487 |
Statement of Cash Flows
Arab Fund for Economic and Social Development Statement of Cash Flows For the year ended 31 December 2022 (KD 000)
2022 | 2021 | |
---|---|---|
Operating Activities | ||
(Loss)\ profit for the year | (5,789) | 113,752 |
Adjustments for: | ||
Interest income on loans | (60,009) | (68,526) |
Net investment loss\(income) | 64,446 | (56,956) |
Loans | (315) | (15) |
Interest income on short-term deposits and call accounts | (1,957) | (431) |
Share of results of an associate | (4,586) | - |
Reversal of provision for decline in value of unquoted equity instruments | (248) | - |
Reversal of provision for loans – private sector | 1,430 | 1,378 |
Provision for employees’ pension | (7,028) | (10,798) |
Change in operating assets and liabilities | ||
Net change in investments | 10,665 | 122,927 |
Withdrawals of loans | (220,038) | (224,420) |
Payments of loans | 170,752 | 80,836 |
Withdrawals of grants | (3,677) | (4,411) |
Receivables from participants in the building | 305 | 871 |
Other assets | 787 | (2,588) |
Other liabilities | (9,451) | (6,004) |
Cash flows used in operations | (57,685) | (43,587) |
Interest income received | 78,836 | (43,587) |
Provision for employees’ pension paid | (1,038) | (1,827) |
Net cash flows generated from\ (used in) operating activities | 20,113 | (1,827) |
Investing Activities | ||
Net changes in capital share of related institutions | (420) | 75 |
Dividend received from an associate | 682 | 670 |
Net cash flows generated from investing activities | 262 | 745 |
Financing Activities | ||
Share capital paid | 1,647 | - |
Net cash flows generated from financing activities | 1,647 | - |
Increase\(Decrease) in Cash and Cash Equivalents | 22,022 | (1,082) |
Cash and cash equivalent at the beginning of the year | 13,942 | 15,024 |
Cash and cash equivalent at end of the year | 35,964 | 13,942 |
Statement of Comprehensive Income
Arab Fund for Economic and Social Development Statement of Comprehensive Income for the year ended 31 December 2022 (KD 000)
2022 | 2021 | |
---|---|---|
Income | ||
Interest income on loans | 60,009 | 68,526 |
Net investments (loss)\income | (65,614) | 52,741 |
Interest income on short-term deposits and call accounts | 315 | 15 |
Share of results of an associate | 1,957 | 431 |
Net operating expenses | (8) | (618) |
Total (Loss)\Income | (3,341) | 121,095 |
Administrative Expenses | ||
Salaries and staff provisions | (5,918) | (6,170) |
Other expenses | (1,364) | (1,173) |
Total Administrative Expenses | (7,282) | (7,343) |
(Loss)\Profit for the Year Before Provisions | (10,623) | 113,752 |
Reversal of provisions for loans – private sector | 248 | - |
Reversal of provision for decline in value of unquoted equity instruments | 170,752 | - |
Net (Loss)\Profit for the year | (5,789) | 113,752 |
Other Comprehensive (Loss)\Income | ||
Net change in fair values of investments available for sale | (3,219) | 774 |
Other Comprehensive (Loss)\Income for the Year | (3,219) | 774 |
Total Comprehensive (Loss)\Income for the Year | (9,008) | 114,526 |