Arab Fund for Economic and Social Development

The Arab Fund for Economic and Social Development (AFESD) is a Kuwait

Kuwait

The State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south at Khafji, and Iraq to the north at Basra. It lies on the north-western shore of the Persian Gulf. The name Kuwait is derived from the...

-based, pan-Arab

Pan-Arabism

Pan-Arabism is an ideology espousing the unification--or, sometimes, close cooperation and solidarity against perceived enemies of the Arabs--of the countries of the Arab world, from the Atlantic Ocean to the Arabian Sea. It is closely connected to Arab nationalism, which asserts that the Arabs...

development finance institution

Development Finance Institution

Development finance institution is generic term used to refer to a range of alternative financial institutions including microfinance institutions, community development financial institution and revolving loan funds...

. All member-states of the Arab League

Arab League

The Arab League , officially called the League of Arab States , is a regional organisation of Arab states in North and Northeast Africa, and Southwest Asia . It was formed in Cairo on 22 March 1945 with six members: Egypt, Iraq, Transjordan , Lebanon, Saudi Arabia, and Syria. Yemen joined as a...

are members of the AFESD. As of 2003, it held around USD

United States dollar

The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....

7.3 billion in assets.

The AFESD was established by agreement of the Economic and Social Council

Economic and Social Council (Arab League)

The Arab Economic and Social Development summits are summits of the Arab League, held at the head of state level to address issues of economic and social development among member-states...

of the Arab League

Arab League

. Its first meeting was held on 6 February 1972.

The current Chairman is Abdulatif Y Al-Hamad.

Former Chairman is Mohammed Al Emadi.

Founding Chairman is Saeb N. Jaroudi

Saeb N. Jaroudi

Dr. Saeb N. Jaroudi is a former Minister of National Economy, Industry, and Tourism in Lebanon and a senior economic consultant advising international public and private institutions on economic policy and project finance. He has held a number of leadership roles in the Arab world, Europe, and the...

External links

See also