fund that aims to assist its participants, nearly all of the members of the Arab League, by developing their capital markets, balancing payment difficulties, and helping with foreign-exchange rates. Established in April 1976, the agreement entered into force in February 1977. During its annual meeting, the board of governors of the fund formulates policy aimed at integrating and liberalizing trade. Specifically, the fund issues guarantees meant to fortify borrowing capacities, provides technical assistance to monetary institutions, and provides short- and medium-term loans. The headquarters are in Abu Dhabi, United Arab Emirates.