The Kuwait Fund for Arab Economic Development participated in the 19th Annual Meeting of the Heads of Institutions of the Arab Coordination Group (ACG), led by the Acting Director General of the Kuwait Fund, Mr. Waleed Shamlan Al-Bahar. The meeting took place on Monday, June 24, 2024, in the Austrian capital, Vienna.

In a statement, the Kuwait Fund highlighted that the meeting provided an opportunity to review and discuss several topics of mutual interest, focusing on improving the group's operations to tackle immediate economic and social challenges, particularly climate change and food security in partner countries. The Fund emphasized the group's continuous commitment to enhancing operations and coordinating efforts, aligning with the best international practices to maximize the effectiveness of development projects in developing countries.

The meeting also underscored the importance of joint efforts to combat the effects of climate change and its challenges. The group discussed their support for sustainable development projects, emphasizing enhanced cooperation among members. Additionally, the session reviewed outcomes from the 28th Conference of the Parties on Climate Change (COP28) and discussed preparations for the upcoming 29th session (COP29), scheduled to be held in Baku, Azerbaijan, from November 11 to 22, 2024. The conference aims to enhance international cooperation in the field of climate change and climate finance, and to explore sustainable solutions to address this significant challenge.

Discussions also covered the group's involvement in the upcoming 16th session of the Conference of the Parties to Combat Desertification (COP16), which will take place in Riyadh, Saudi Arabia, from December 2 to 13, 2024. The conference aims to support projects combating desertification, land reclamation, and provide financial support to small farmers to help achieve sustainable development goals.

Notably, the Kuwait Fund has contributed to financing the 'Improved Resilience against Transboundary Sand and Dust Storms in Kuwait and Southern Iraq' project. This initiative aims to significantly reduce the frequency and impact of sandstorms in the region, enhancing environmental stability and safeguarding local communities.

On the sidelines of the meeting, a loan agreement was signed for 6,500,000 Kuwaiti Dinars to finance the Chunkuri Bridge Project in the People's Republic of Bangladesh. The loan agreement was signed on behalf of the Government of the People's Republic of Bangladesh by Ms. Mirana Mahruhk, Joint Secretary of the Economic Relations Division at the Ministry of Finance, and on behalf of the Kuwait Fund for Arab Economic Development by Mr. Waleed Shamlan Al-Bahar, Acting Director General. The signing was attended by His Excellency Mr. Talal Sulaiman Al-Fassam, Kuwaiti Ambassador to Austria and Permanent Representative of Kuwait to the United Nations and International Organizations in Vienna.

The project aims to support economic and social development in the southwestern region of Bangladesh by meeting the demand for passenger and freight transport. Additionally, the project will contribute to the integration of the country's road network, connecting the southwestern regions with the capital, Dhaka.

It is noteworthy that the project will help achieve several Sustainable Development Goals (SDGs), including Goal 1: No Poverty, Goal 8: Decent Work and Economic Growth, Goal 9: Industry, Innovation, and Infrastructure, and Goal 11: Sustainable Cities and Communities.