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Arab Financial Institutions

​​​​The Arab Fund for Economic & Social Development (AFESD)

  • The Arab Fund for Economic & Social Development (AFESD) was founded as an independent Arab regional financial institution in 1968. AFESD is a non-profit developmental institution that started to operate in 1974 with the purpose of financing development projects in member countries by extending loans on concessionary terms.
  • All countries of The League of Arab States are members of the Arab Fund.
  • The Fund is headquartered in Kuwait.
  • The UAE became a member of the Fund by virtue of Federal Decree No. 97 of 1982.
  • The Arab Fund extends loans to member countries on concessionary terms to support Arab countries in the implementation of their development projects. The fund is keen to provide facilities by lowering interest rates to 2.5% for low-income Arab states, and 3% for other Arab countries, also increasing the length of grace and repayment periods that range from 22 to 25 years. It also offers unrecovered aids and grants to contribute to various fields of studies, institutional support and training. AFESD also supports member countries in case of emergency situations.

The Arab Investment and Export Credit Guarantee Corporation (DHAMAN)

  • DHAMAN was founded in 1974 as an Arab regional authority with all Arab states as members (21 countries) except for The Union of the Comoros.
  • It is based in Kuwait.
  • It is rated "AA Stable outlook" by Standard & Poor's (S&P).
  • The UAE became a member of DHAMAN by virtue of a Federal Decree NO. 45 of 1974.

DHAMAN Objectives:

  • Providing insurance coverage against non-commercial risks for Arab and foreign investments in Arab countries, such as nationalisation, confiscation, expropriation, wars, and public riots.
  • Providing insurance for Arab export credits to Arab and foreign markets against commercial risks such as non-payment, insolvency, bankruptcy risks and non-commercial risks, such as preventing exporters from obtaining their rights, outbreak of riots and civil wars, prevention of fund transfer, failure of insured debtor to pay their debts if it is a government entity.
  • Encouraging investors to implement investment projects in Arab countries, by carrying out complementary activities to provide insurance, especially increasing research related to identifying investment opportunities and conditions in Arab countries.

Arab Monetary Fund (AMF)

  • Arab Monetary Fund (AMF) is a Regional Arab Organisation, founded in 1976. It started operations a year later.
  • AMF is based in Abu Dhabi, UAE.
  • All nations within The League of Arab countries are members of the fund.
  • Currency: The Arab Accounting Dinar (AAD) is equivalent to three units of Special Drawing Rights (SDR), (AAD = 1.449 at the end of 2014 equivalent to AED 5.32).
  • The UAE became a member of the Fund by virtue of Federal Decree No. 35 of 1977.

Fund Objectives:

  • Correcting disequilibria in the balance of payments of member states.
  • Providing stability for exchange rates among Arab currencies, and achieving their convertibility.
  • Establishing policies and modes of Arab monetary co-operation, and promoting the development of Arab financial markets.

The Arab Bank for Economic Development in Africa (BADEA)

  • The Arab Bank for Economic Development in Africa (BADEA) was established on 28th November 1973, and began operations in March 1975.
  • The Bank’s Headquarters is located in Khartoum, the capital of the Republic of the Sudan.
  • BADEA is an international, independent financial institution owned by 18 Arab countries, the members of the League of Arab States (LAS).
  • The currency of the bank is US dollar.
  • The Bank was established for the purpose of supporting economic, financial and technical cooperation between the Arab and African regions, and as an embodiment of Arab-African solidarity on foundations of equality and friendship.
  • The UAE became a member of the bank by virtue of Federal Decree No. 83 of 1974.

Main Objectives of the Bank:

  • Participate in financing economic development in African non-Arab countries.
  • Stimulate the contribution of Arab capital to African development.
  • Contribute to providing the necessary technical assistance for the development of Africa.

Arab Authority for Agricultural Investment and Development (AAAID)

  • An Arab authority established in 1976. The agreement of establishment came into force in 1977.
  • 21 Arab countries contribute to the capital of the authority.
  • The authority’s capital amounts to KD 336 million (US $1148 million).
  • The authority aims to provide food supplies and maximise returns on investment of the authority in the agricultural field, and increasing the exchange of agricultural products in the Member States.
  • Headquarters: Khartoum, Republic of Sudan. Regional Office: Dubai, UAE.
  • The UAE has held the Presidency of AAAID since 1988.
  • The UAE became a member of AAAID by virtue of Federal Decree No. 55 of 1977.
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