A Memorandum of Understanding (MOU) on Development Cooperation was signed today between the Kuwait Fund for Arab Economic Development and the Austrian Development Agency of the Republic of Austria Government, aimed at establishing a framework for technical cooperation and joint action between the Parties in the areas of financing economic and social development in developing countries and bilateral coordination in response to humanitarian crises and the exchange of information and technical expertise.

The Memorandum of Understanding was signed on behalf of the Kuwait Fund for Arab Economic Development by Mr. Waleed Sh. Albahar, Acting Director General, and on behalf of the Austrian Development Agency, Managing Director Dr. Friedrich Stift, on the margins of His Excellency Sheikh Salem Abdullah Al-Jaber Al-Sabah, Minister of Foreign Affairs for the State of Kuwait and Chairman of the Board of Directors of the Kuwait Fund for Arab Economic Development, visit to the Republic of Austria.

The MOU will be valid for a period of five years, subject to renewal, and it is anticipated that cooperation of the Parties will focus on a number of specific activities that suit their respective mandates and operational policies, especially in countries where both Parties have active programs. The most important areas of cooperation mentioned in the MOU include the following :

1) Exchange of information and promotion of knowledge-sharing to benefit from each other's experiences, resources and expertise, in areas of common interest including information on operations and technical-assistance programs related to the eradication of poverty, the promotion of socioeconomic and sustainable development in the Common Partner Countries, and recovery from humanitarian crises.

2) Conduct consultations to coordinate operations and activities in Common Partner Countries, taking into consideration the respective mandate, objectives and guidelines of the Parties.

3) Identify projects and programs that qualify for support, either in the form of parallel financing and/or the provision of technical assistance, in selected sectors of intervention, including cross cutting issues like climate change and global food security, and priority regions for collaboration.

4) Exchange of publications and studies undertaken by the Parties and participate, when relevant, in one another's forums, seminars and workshops on matters of common interest.