Kuwait Fund and ILO Sign MoU to Boost Development Cooperation, Focusing on Economic and Social Development in Developing Countries
The Kuwait Fund for Arab Economic Development (KFAED) and the International Labor Organization (ILO) have signed a memorandum of understanding (MoU) to strengthen development cooperation.
The agreement was signed by KFAED Acting Director General Waleed AI-Bahar and ILO Assistant Director General for External and Corporate Relations Laura Thompson during the 2024 spring meetings of the International Monetary Fund and World Bank in Washington DC.
The MoU sets up a framework for technical cooperation and aims to coordinate joint actions in economic and social development in developing countries.
The text describes a five-year partnership between two organizations focusing on collaboration in economic, financial, and commercial sectors.
The agreement includes exchanging expertise and information, as well as sharing resources in areas such as statistics, policy enhancement, youth economic empowerment, gender equality, crisis response, and South-South cooperation.
Regular consultations will ensure effective coordination in targeted nations.