A Memorandum of Understanding was signed on today between Kuwait Fund for Arab Economic Development and the United Nations Development Programme (UNDP) aimed at establishing a framework for strengthening technical cooperation and collaborative activities between the two parties in areas of mutual interest especially development financing and bilateral coordination in response to humanitarian crises and natural disasters and the exchange of technical expertise and information, especially in countries where both institutions are actively engaged.

The Memorandum of Understanding would serve both institutions' activities and will focus on a number of areas of activity best fitting the respective mandates of UNDP and KFAED and which will include but not limited to ; (a) Exchange of information and promotion of knowledge-sharing to benefit from each other's experience, resources and expertise, (b) Conduct consultations to coordinate operations and activities in common beneficiary countries, (c) Exchange of publications and technical studies undertaken by UNDP and KFAED, (d) Participate in one another's forums, seminars and workshops on matters of common interest.

The Memorandum of Understanding was signed by Mr. Achim Stiner, The Administrator of UNDP on behalf of the United Nations Development Program and was signed on behalf of the KFAED by Mr. Abdelwahab Al-Bader, Director-General of Kuwait Fund for Arab Economic Development.

United Nations Development Programme's Press Release