ABSTRACT
It participates in the financing of public and private economic and social development projects in the Arab states, and provides grants and expertise to member states. The Board of Governors is considered as the General Assembly of the Fund, and has all powers. The Board of Directors is composed of eight Directors elected by the Board of Governors for a renewable term of two years. The Board is charged with all the activities of the Fund and exercises the powers delegated to it by the Board of Governors. In 2013 the Board of Directors approved the Fund's participation in the capital of a fund established by the International Finance Corporation to invest in private sector facilities and companies in the Middle East and North Africa. The Fund manages an Arab Fund Fellowships Program, which since its inception in 1997 has awarded scholarships to enable Arab citizens with doctorates to conduct advanced research and to lecture at top universities worldwide.
