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- MoU aims to coordinate joint actions in economic and social development in developing countries
WASHINGTON: The Kuwait Fund for Arab Economic Development has agreed a memorandum of understanding with the International Labor Organization to enhance development cooperation, Kuwait News Agency reported.
The MoU was signed by KFAED Acting Director General Waleed AI-Bahar and ILO Assistant Director General for External and Corporate Relations Laura Thompson on the sidelines of the 2024 spring meetings of the International Monetary Fund and World Bank in Washington DC.
The MoU establishes a framework for technical cooperation and aims to coordinate joint actions in economic and social development in developing countries. This includes exchanging expertise and information in economic, financial and commercial sectors.
The five-year renewable agreement focuses on collaborative activities aligned with the goals of both organizations in the countries in which they operate. The partnership will also involve sharing resources in areas of mutual interest such as statistics, policy enhancement, youth economic empowerment, gender equality at work, crisis response and South-South cooperation.
Regular consultations are planned to ensure effective coordination of operations in the targeted nations.