Dr. Nasr: “Improving standards of living for Arab citizens requires maintaining sustainable development efforts at the level of all Arab countries”.
At the conclusion of her visit to the Morocco’s capital Rabat, on the sidelines of the Annual Meetings of the Arab Financial Institutions, the Minister of Investment and International Cooperation Dr. Sahar Nasr chaired the 46th Annual Meeting of the Arab Fund for Economic and Social Development’s (AFESD) Board of Governors, in presence of the Minister’s Assistants Mr. Mohammed Abdel Aziz and Dr. Shehab Marzban.
At the beginning of her speech, the Minister expressed her appreciation of His Majesty King Mohammed VI, King of Morocco, and his government and the people of Morocco for their warm welcome and hospitality.
The Minister emphasized that the meeting was held to follow up on AFESD’s positions during 2016 and the results it achieved to support the economic and social development indicators for the Arab people for whom AFESD was established to serve their common goals in order to secure a better present and brighter future. Since the commencement of its operations in 1947 until present, AFESD was keen on contributing to financing all activities that would bring added value at the level of economic and social development for all member states, in addition to its role in supporting the joint Arab action, being the most effective mechanism in facing new challenges and changes experienced by the Arab region and its surroundings at present.
Further, the Minister presented AFESD’s annual report, which portrays an integrated and clear picture of the AFESD’s activities, financial performance and achievements in 2016, where AFESD provided 9 loans that contributed to financing 9 projects in 6 Arab countries. Regarding its cumulative activities, AFESD provided 650 loans since 1974 until the end of 2016 which contributed to financing 550 projects in 17 Arab countries, which, in turn, shed light on the Fund’s prominent role in the Arab region as a whole and its support of the economic and social development efforts there in implementation of the Arab summits’ resolutions, which paid particular attention to projects and issues relating to the joint Arab action.
Dr. Nasr also pointed out that improving standards of living for Arab citizens required maintaining sustainable development efforts at the level of all Arab countries, which would increase challenges of financing, being a main pillar of the development process and a prerequisite for investment and production. This, added the Minister, required Arab financial institutions, especially AFESD, to proceed with financing projects of priority in various Arab countries and helping them achieve their long-desired economic and social goals.
At the conclusion of her speech, the Minister thanked AFESD, represented by Chairman of the Board of Directors, Director-General, Executive Directors and AFESD’s staff, for their efforts during the previous period, wishing them further success.