Vienna – The Arab Fund for Economic and Social Development (Arab Fund) joins regional development leaders at the 20th Annual Meetings of the Arab Coordination Group (ACG), the world’s second largest development finance group, hosted by the OPEC Fund for International Development, in Vienna.
As a member of the ACG, a strategic alliance of ten Arab development institutions, the Arab Fund reaffirms its commitment to advancing inclusive economic growth, climate resilience, and job creation for Arab youth.
“The Arab Fund is committed to shaping a shared development agenda with regional partners, helping member countries achieve their Sustainable Development Goals” said Mr. Bader Alsaad, Director General and Chairman of the Board of the Arab Fund for Economic and Social Development. “Our new strategy focuses on collaboration and partnerships with regional and international institutions to maximize long-term development impact through our operations”, he added.
During the meetings, the Arab Fund contributed to high-level roundtable discussion with H.E. Mohamed Ould Ghazouani, President of Mauritania, exploring avenues for strategic cooperation and underscoring the collective commitment of ACG institutions to fostering impactful partnerships.
In 2024, the ACG collectively provided $19.6 billion to finance nearly 650 operations across 90 countries. These investments targeted key sectors such as energy, agriculture, and the financial sector, with over 45 percent support for global trade and small and medium-sized enterprises (SMEs).
The Arab Fund has played a critical role in advancing regional development impact across Arab countries. Over the past 50 years, the Arab Fund co-financed joint development projects with other Arab financial institutions, contributing $14.63 billion, which represents approximately (31.5 percent) of total co-financing efforts.
Among these notable projects is the co-financed electrical interconnection between Nouakchott and Zouerate in Mauritania, undertaken with the Saudi Fund for Development and the Abu Dhabi Fund for Development. This project aimed to provide secure and low-cost electricity to northern Mauritania, thereby strengthening the country’s national power transmission network.
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.
About the Arab Coordination Group (ACG)
The Arab Coordination Group (ACG) is a strategic alliance that provides a coordinated response to development finance. Since its establishment in 1975, ACG has been instrumental in developing economies and communities for a better future, providing more than 13,000 development loans to over 160 countries around the globe. Comprising of ten development funds, ACG is the second-largest grouping of development finance institutes in the world and works across the globe to support developing nations and create a lasting, positive impact. The Group comprises the Abu Dhabi Fund for Development, the Arab Bank for Economic Development in Africa, the Arab Fund for Economic and Social Development, the Arab Gulf Programme for Development, the Arab Monetary Fund, the Islamic Development Bank, the Kuwait Fund for Arab Economic Development, the OPEC Fund for International Development, the Qatar Fund for Development and the Saudi Fund for Development.
For Media inquiries, please contact:
Mohamed Eissa, m.eissa@arabfund.org
Joyce Haykal, j.haykal@arabfund.org
