Riyadh, May 30, 2022

Today, the Saudi Fund for Development (SFD) hosted the two-day meeting of the Coordination Group of Arab National and Regional Development Institutions in Riyadh. It was attended by representatives of the Coordination Group members, including the Kuwait Fund for Arab Economic Development, the Saudi Fund for Development, the Abu Dhabi Fund for Development, the Qatar Fund for Development, the Arab Fund for Economic and Social Development, the Islamic Development Bank, the OPEC Fund for International Development, the Arab Bank for Economic Development in Africa, the Arab Gulf Programme for Development (AGFUND), and the Arab Monetary Fund.

 CEO of the Saudi Fund for Development (SFD), Mr. Sultan bin Abdulrahman Al-Marshad attended the meeting and met with representatives of the member institutions. In a welcoming speech at the opening session, Al-Marshad expressed his pride that SFD hosted the meeting at the level of directors of operations of the member institutions after a 2.5-year hiatus of in-person meetings as a result of the repercussions of the Covid-19 pandemic. He also thanked the Coordination Group Secretariat for their efforts to unify the CG's efforts. He pointed out that this meeting would contribute to promoting the development process and enhancing the vital opportunities to achieve SDGs, especially since development projects and programs funded in developing countries have a positive development impact on the lives of beneficiaries.

The Arab Coordination Group aims to achieve more efficiency in providing development support through optimal use of the competencies and capabilities available in the member institutions. A further objective is to derive benefit from coordinating financing efforts and the accompanying procedures.  In addition, CG seeks to achieve common objectives the intention is to establish clear links to promote development assistance and economic relations in the recipient countries.

 During the meeting chaired by Eng. Faisal Al-Kahtani, the Executive Director of Operations at SFD, some areas of development work were reviewed to consult on initiatives. They discussed ways of cooperation to exchange data on projects and development plans, harmonize procedures to avoid duplication and redundancy, and provide finance for priority projects.  The meeting agenda included following up on implementing the previously agreed upon recommendations and discussing reports of joint working committees and the Development Assistance Committee. To confirm the interest in the development at the international level, the CG’s institutions meet with the European Union and the British government, to discuss ways and opportunities to enhance cooperation in the development and deep consultations with the World Bank on the financial and banking sector. The meeting also called for establishing a digital platform for exchanging information and communication between members of the Coordination Group to follow up on the project implementation and communicate with experts.

 Tomorrow, the meeting will handle policies addressing the consequences of climate change, the role of regional financing institutions, and opportunities for sustainable financing instruments. It will also address the most prominent developments of the "BUNA" platform project, a digital platform for exchanging information and communication between members of the Coordination Group to follow up on implementing projects and communicate with experts. It shows opportunities for the use of platform services by financial institutions. Preparations for the meeting of heads of CG institutions will be reviewed.

The Coordination Group began its development work in development projects and programs in 1975. The projects implemented included several countries in Asia, Africa, Latin America, and other countries. The Group also held several meetings at the level of directors of institutions. These meetings aimed to exchange views on issues related to operations and finance requests submitted to member institutions and discussed the relationship between the Group and other regional and international financing institutions.