Kuwait and Qatar Sign Financial Cooperation MoU
Kuwait signed a memorandum of understanding on financial cooperation with the Government of the State of Qatar. The agreement was signed on behalf of the State of Kuwait by Minister of Finance Dr. Yaqoob Youssef Al-Rafai, and on behalf of Qatar by Minister of Finance Ali bin Ahmed Al-Kuwari, in the presence of Kuwait’s Ambassador to Qatar, Ahmed Abdulrahman Al-Sharim. The signing is part of the bilateral cooperation between the two brotherly countries aimed at developing fiscal and economic policies, enhancing the efficiency of public financial management and financial planning in line with international best practices, and organizing conferences, seminars, and workshops to exchange views in financial fields, as well as building and developing national capacities and human capital to realize the aspirations of both countries.
Minister of Finance Dr. Yaqoob Sayed Youssef Al-Rafai stated that this signing reflects the Kuwait Ministry of Finance’s commitment to building on previous steps to strengthen the economic and financial cooperation framework among the Gulf Cooperation Council (GCC) countries, and to continue joint efforts toward achieving economic integration, particularly amid the rapid changes characterizing the global economy. He emphasized the importance of enhancing financial ties with Qatar through the exchange of views and expertise in various areas, serving the mutual interests of the two brotherly nations.
Notably, this signing took place on the sidelines of Kuwait’s participation in the 11th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), held in Doha, Qatar. Kuwait participated in the meeting under the patronage and presence of Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, Prime Minister and Minister of Foreign Affairs of Qatar, and Zou Jiabei, President of the AIIB. The Kuwaiti delegation was led by Minister of Finance Dr. Yaqoob Sayed Youssef Al-Rafai, accompanied by Ambassador Ahmed Abdulrahman Al-Sharim, along with finance ministers, governors, delegations from member countries, senior experts, private sector leaders, and representatives of civil society organizations.
The meeting was held under the theme “Infrastructure for Tomorrow: Impact and Innovation.” This year’s sessions hold particular significance as they mark a key milestone in the transition of the AIIB into its second decade, amid rapid economic and financial changes that necessitate strengthening the role of development finance institutions, developing their tools and operational mechanisms to better respond to member countries’ needs, and supporting sustainable and innovative infrastructure projects to achieve greater developmental impact. Additionally, these meetings coincide with the 10th anniversary of the Bank’s operations, serving as an opportunity to assess achievements, outline priorities for the next phase, and chart the strategic direction for the Bank’s second decade. The meeting also highlights the pivotal role of the Middle East region in enhancing inter-regional connectivity and cooperation.
The Minister of Finance participated in a dedicated session of the Board of Governors, where decisions related to the Bank’s operations and its strategic initiatives for the coming years were approved. He also took part in a roundtable discussion alongside ministers and governors of the AIIB, delivering a speech in which he reaffirmed Kuwait’s belief in the critical role of development banks in addressing economic changes that have adversely affected many countries and impacted development trajectories and economic growth rates. He stressed the necessity of enhancing coordination and cooperation among international financial institutions to bridge financing gaps, unify efforts to support member countries in implementing their development projects, and provide the necessary technical assistance and expertise to prepare bankable and executable projects, thereby contributing to sustainable developmental impact.
The Kuwaiti delegation, led by the Minister of Finance, included Saad Al-Rashidi, Director General of Economic Affairs and Second Alternate Executive Director at the AIIB Board of Directors; Ibrahim Al-Filikaawi, Director of the International Economic Cooperation Department; and several officials from the Kuwait Fund for Arab Economic Development. Kuwait’s participation in the forum underscores its commitment to enhancing its role and contribution to the Bank’s work and strengthening partnerships with international and regional financial institutions.
