A Memorandum of Understanding on Cooperation was signed today on the margins of the 17^th Heads of Institutions of the Arab Coordination Group meetings held at the OPEC Fund Headquarters in Vienna, between the Kuwait Fund for Arab Economic Development (KFAED) and the United Nations Capital Development Fund (UNCDF) to establish a framework for cooperation among the Parties over five years with a view to enhancing collaboration in common areas of interest and in countries in which the Parties have active programmes and activities.

            The Memorandum of Understanding was signed on behalf of the Kuwait Fund for Arab Economic Development by Director General Mr. Marwan A. Th. AlGhanem and on behalf of the United Nations Capital Development Fund by Executive Secretary Mrs. Preeti Sinha.

            The Parties anticipate that their collaboration will focus on a number of specific areas of activity best fitting their respective mandates, which may include, but not be limited to: Exchange of information and promotion of knowledge-sharing to benefit from each other's best practices and expertise including sustainable development; support to the access to public and private finance for the poor; climate change and adaptation; digitalization; and post-COVID-19 recovery. The Parties also aspire to Establish a mechanism of regular consultations to coordinate operations and activities in the recipient countries, taking into consideration the respective mandate, objectives, and guidelines of the Parties, exchange of publications and studies of a general and specific nature undertaken by UNCDF and KFAED, participate in common forums, seminars, or workshops on matters of common interest, and undertake other related activities that could further enforce the benefits to Governments and communities, in building their capacities and access to finance, and enhance sustainable development and economic growth.