November 14, 2022
A GCEL delegation convened a Digital Economy briefing session at the Arab Fund for Economic & Social Development (AFESD) headquarters in Kuwait on November 14, 2022. The session’s objective was to commence the process toward implementing the Digital Economy Platform within the Arab States to diversify the region’s economies and assist in achieving their objectives for sustained economic growth.
AFESD Chairman Mr. Bader M. Alsaad received the GCEL delegation. Mr. Alsaad also serves as an independent director of BlackRock and a member of the Board of Directors Executive Committee of the Kuwait Investment Authority.
The GCEL delegation was led by Hon. Yves Leterme, Prime Minister of Belgium (2008, 2009-2011) and Chairman of GCEL’s European Advisory Board, along with Dr. Wissam Fattouh, Union of Arab Banks Secretary General and Member of GCEL’s MEA Advisory Board, and Mr. Gregory Bird, GCEL Deputy Secretary General.
The AFESD is a Kuwait-based pan-Arab development finance institution with assets under management of USD 13.5 billion. All 22 member-states of the Arab League are AFESD members. Its principal purpose is to provide financing for economic development projects by extending loans and providing grants to support the implementation of development projects in the member states.
GCEL’s comprehensive HumaWealth Program to digitize the Arab States and their trade partners is projected to increase the region’s GDP by 37% and generate more than 20 million manufacturing, agriculture, and services jobs by 2035.