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Financial Statements

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Basic Financial Data
(1) Includes the Program to Support the Resistance of the City of Jerusalem (1 and 2).

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