Kuwait Foundation for the Advancement of Sciences and the Green Climate Fund Sign MoU - Sarmad

The Kuwait Fund for Arab Economic Development signed a memorandum of understanding 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 memorandum 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 taking place in Bangkok, the capital of Thailand.

In a press statement, 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 stated that the memorandum includes identifying projects eligible for joint support at 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.

He added that the Fund looks forward to translating the memorandum 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 for Arab Economic Development aims to identify potential joint investment opportunities and mobilize additional climate and Islamic financing to support climate-resilient infrastructure, as well as the water and energy sectors, in the most vulnerable regions.

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.