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ICESCO and AWHF Explore Collaboration in Heritage Preservation in Africa 

ICESCO and AWHF Explore Collaboration in Heritage Preservation in Africa 
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ICESCO and AWHF Explore Collaboration in Heritage Preservation in Africa 

ICESCO and AWHF Explore Collaboration in Heritage Preservation in Africa 

Director-General of the Islamic World Educational, Scientific and Cultural Organization (ICESCO) Dr. Salim M. AlMalik held talks in Rabat on Tuesday with Executive Director of the African World Heritage Fund (AWHF) Albino Jopela, at ICESCO's headquarters.

Discussion focused on exploring avenues for cooperation in preserving and promoting heritage sites and cultural elements throughout Africa.

The officials discussed the prospect of formalizing their collaboration through a memorandum of understanding that would outline endeavors and future initiatives focused on preserving and enriching heritage.

ICESCO aims to register 1,000 historical sites and cultural elements on its lists by 2025.

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Culture

CDF Announces 1st Cultural Financing of its Kind in Saudi Arabia

The Cultural Development Fund (CDF) logo
The Cultural Development Fund (CDF) logo
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CDF Announces 1st Cultural Financing of its Kind in Saudi Arabia

The Cultural Development Fund (CDF) logo
The Cultural Development Fund (CDF) logo

The Cultural Development Fund (CDF) has announced Cultural Financing, the first program of its kind in Saudi Arabia to support and provide essential financing for projects and enterprises across 16 cultural sub-sectors.

The program seeks to drive sustainable growth of the cultural sector, amplify its creative output, and boost its contribution to the Kingdom’s gross domestic product (GDP), thereby driving national economic growth.

Cultural Financing has been designed to support the development of cultural enterprises through flexible, accessible, and competitive packages that maximize profitability while minimizing risks for both the cultural enterprises benefiting from the program and the local banking partners. The program finances micro, small, and medium-sized cultural enterprises, enabling them to launch and scale their operations through a range of financing products available for both short-term and long-term needs, CDF said in a statement.

"The Cultural Financing marks a new chapter in our mission to empower the cultural sector in collaboration with our local banking partners. This financing solution is designed to meet the diverse and evolving needs of the sector’s entrepreneurs and support their aspirations, reaffirming our commitment to building strategic partnerships with the private sector," said CDF Chief Executive Majed bin Abdulmohsen Al-Hugail.

"We look forward to seeing the positive ripple effects of this collaboration in revitalizing the cultural sector and, in turn, bolstering the national economy."
Thursday’s announcement follows the CDF's signing of partnership agreements with five local banks -- Al-Rajhi Bank, Alinma Bank, BSF, Arab National Bank (ANB), and Bank AlJazira -- to provide financing to cultural enterprises.
The partnerships underscore the vital role of the banking sector in the sustainable development of the cultural sector. They also reinforce the CDF's ongoing efforts to spur growth across various cultural sectors in the Kingdom and strengthen partnerships with the private sector to provide attractive financing solutions that support the cultural and creative sector and maximize its impact on economic development and job creation.