During the annual meetings of the World Bank Group held in Washington, D.C., the Kuwait Fund for Development (KFAED) signed a Memorandum of Understanding (MoU) for developmental cooperation with the FONPLATA Development Bank. This agreement aims to establish a framework for technical cooperation and collaborative efforts in financing economic and social development in the developing countries where both organizations operate, as well as to facilitate the exchange of information and technical expertise.

The MoU was signed by Mr. Walid Shamlan Al-Bahar, Acting Director General of KFAED, and Ms. Luciana Botafogo, CEO of FONPLATA. Valid for a renewable period of five years, this agreement is expected to focus on specific activities that align with the mandates and operational policies of both parties. Key areas of collaboration include exchanging knowledge and resources, consulting on economic and social development policies, providing development support, addressing sectoral issues of mutual interest, coordinating operations in partner countries, and identifying projects and programs eligible for support, whether through parallel financing or technical assistance.