Kuwait Fund for Arab Economic Development and Green Climate Fund sign MoU to enhance cooperation in supporting developing countries

Kuwait City, October 13 (KUNA) -- The Kuwait Fund for Arab Economic Development signed a memorandum of understanding (MoU) today with the Green Climate Fund (GCF) to enhance cooperation between the two institutions in supporting developing countries in addressing climate change challenges and coordinating efforts in areas of shared developmental interest. The MoU was signed by Rashid Al-Badr, Acting Managing Director of the Kuwait Fund for Arab Economic Development, and Mafalda 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 held in Bangkok, the capital of Thailand.

In a statement to the Kuwait News Agency (KUNA), Al-Badr emphasized that addressing the impacts of climate change has become an integral part of development efforts in developing countries. He noted 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 added that the MoU includes identifying projects eligible for joint support in their early stages, exploring opportunities for joint financing, providing technical assistance, and coordinating operations and exchanging information and expertise, particularly in areas such as climate-resilient infrastructure, water security, renewable energy, energy transition, and disaster risk management.

Al-Badr further stated that the Fund looks forward to translating the MoU into well-planned developmental projects that prioritize the needs of beneficiary countries, emphasizing that the success of this collaboration will be measured by the tangible and sustainable results achieved by these projects and their contribution to improving the lives of beneficiary communities.

For her part, Mafalda Duarte, Executive Director of the Green Climate Fund, stressed that no single institution can meet the scale of climate investments required by developing countries. She added that cooperation with the Kuwait Fund aims to identify potential joint investment opportunities, mobilize additional climate and Islamic financing to support resilient infrastructure, and the water and energy sectors in the most vulnerable areas.

The Green Climate Fund (GCF) is an international institution headquartered in the Republic of Korea, focused on financing projects and programs aimed at addressing climate change and enhancing the adaptive capacity of developing countries to its impacts. (End) M.A. / H.T. / N.W.F.