Kuwait Fund for Arab Economic Development and Green Climate Fund Sign MoU to Support Developing Nations in Facing Climate Challenges

The Kuwait Fund for Arab Economic Development signed a memorandum of understanding with the Green Climate Fund (GCF) today, aiming to enhance cooperation between the two institutions to support developing countries in addressing climate change challenges and to coordinate efforts in areas of shared developmental interest.

The memorandum was signed by Rashid Al-Badr, Acting Managing Director of the Kuwait Fund, and Mavalda Duarte, Executive Director of the Green Climate Fund, on the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund currently taking place in Bangkok, the capital of Thailand.

Al-Badr told KUNA that addressing the impacts of climate change has become an essential part of development efforts in developing countries, noting that cooperation with the Green Climate Fund enables the leveraging of both institutions’ expertise and resources to support projects that enhance the capacity of developing countries to confront these challenges.

He stated that the memorandum includes identifying projects eligible for joint support at early stages, exploring opportunities for joint financing, providing technical assistance, as well as coordinating operations and exchanging information and expertise, particularly in areas such as climate-resilient infrastructure, water security, renewable energy, energy sector transition, and disaster risk management.

He added that the Fund looks forward to translating the memorandum into well-planned developmental projects rooted in the priorities of beneficiary countries, emphasizing that the success of this cooperation will be measured by the tangible and sustainable results achieved by these projects and their contribution to improving the lives of beneficiary communities.

She added that cooperation with the Kuwait Fund for Arab Economic Development aims to identify potential joint investment opportunities and mobilize additional climate and Islamic financing to support climate-resilient infrastructure and the water and energy sectors in the most vulnerable regions.