The Kuwait Fund for Development hosted a workshop titled "Joint MDB Methodology for Tracking Climate Finance" in collaboration with the World Bank Group. The two-day workshop, held at the Kuwait Fund's headquarters, brought together the technical and administrative staff of the Fund's Operations Department, as well as World Bank experts in climate finance.

The workshop focused on discussing the methodology followed by Multilateral Development Banks (MDBs) to track climate finance in an effort to address climate change and its negative economic, social, and environmental consequences.

 

Mr. Waleed Shamlan Al Bahar, Acting Director-General of the Kuwait Fund, emphasized in his opening remarks that climate change is one of the biggest global challenges facing the world today, with its impacts being particularly evident in developing countries. He stressed the importance of cooperation and the need for all stakeholders to take responsible actions in developing a shared understanding of financing tools, noting that climate finance requires appropriate systems and tools to measure its impact.

Dr. Ziad Nakat, World Bank Group Resident Representative to the State of Kuwait and the State of Qatar, stated in a statement that the workshop aims to share the World Bank's expertise and the various methods it uses in the field of climate finance and its tracking. Nakat added, "We are thrilled that this workshop is taking place. I am confident that our colleagues at the Kuwait Fund will gain valuable insights over these few days. This is just the beginning in this specific domain, and we look forward to further progress and continued collaboration with the Fund."

It is worth noting that the Kuwait Fund for Development was the first institution in the Middle East to play an active role in international development efforts, through its financing of development projects in developing countries around the world. The Fund is keen to achieve a number of Sustainable Development Goals (SDGs) through its development projects, and encourages the implementation of clean energy projects with minimal environmental impact that contribute to reducing the effects of climate change, which poses a threat to the sustainability of the planet.