The AFESD is an autonomous regional Pan-Arab development finance organization, whose member states consist of those 22 states of the League of Arab States. The Fund’s purpose is to contribute to the financing of economic and social development in Arab countries by making loans on concessionary terms to Arab governments, public enterprises and corporations, in addition to providing expertise and technical assistance in the various spheres of economic development. AFESD offers Fellowship program to Arab Ph.D. holders. Its purpose is to provide Arab researchers, through grants, with opportunities to conduct research in association with international universities.