Arab Gulf Programme for Development

“Board review of form 990 a complete copy of this form 990 was not provided to all members of the organization's governing body before filing the form. Representatives of the organization coordinated the preparation of this form 990 with the assistance of the organization's u.s. Legal counsel and accounting firm.”

“Public inspection the organization does not make its governing documents, conflict of interest policy, or financial statements available to the public.”

“Organization's mission the arab gulf programme for development's (agfund) mission establishes that, through the implementation of its programs, it will provide support to needy groups to help facilitate their full access to basic and fundamental social requirements, such as education and health care, under the umbrella of fair national and international laws that establish and preserve security and peace.”

“Microfinance banks - a vision of combating poverty. Provide support for microfinance banks assisting the poor in developing countries. By providing banking services to marginalized segments around the globe, specifically women, youth, rural communities, and small to medium sized enterprises, agfund has become the first organization in arab countries world to establish microfinance institutions for those without such financial resources. Agfund's microfinance service offerings include loans, savings, deposits, current accounts, health and cooperative insurance, remittances, and currency exchange. Over time, agfund's microfinance operations have expanded to include a technical support unit, which provides a means for sharing experiences between microfinancing institutions to improve, make known, and improve upon best practices.”

“Arab open university. In strategic partnership with the british open university, creation and support for the arab open university, a non-profit institution of higher education, to provide sophisticated higher education to the largest possible number of arab students while contributing to the development of practical solutions to issues of concern to the arab communities. Such issues involve unemployment, increasing demand for higher education, helping the poor to get their rights, and increasing the role of arab women in development mobility.”

“Other initiatives: lead initiatives focused on early childhood development, women's empowerment, youth empowerment, and the promotion of a civil society.”

“The financial statements have been prepared in accordance with the international financial reporting standard for small and medium-sized entities ("ifrs for sme's") as endorsed in saudi arabia and other standards and pronouncements endorsed by the saudi organization for chartered and professional accountants ("socpa"). For all periods up to and including the year ended 31 december 2021, the programme prepared its financial statements in accordance with a special purpose accounting framework of the programme (hereinafter referred to as "traditional accounting standard"). The financial statements for the year ended 31 december 2022 are the first financial statements of the programme prepared in accordance with ifrs for sme's. These financial statements have been prepared on a going concern basis under historical cost convention except for investments which are carried at fair value through profit or loss ("fvtpl"). These financial statements are presented in united states dollars (usd), which is the presentation and functional currency of the programme. Except where indicated, the financial information presented in usd has been rounded to the nearest usd. The financial statements provide comparative information in respect of the previous periods.”