The Aga Khan Fund for Economic Development (AKFED) is an international development agency dedicated to promoting private initiative and building economically sound enterprises in the developing world. For more than 50 years, it has made investments and operated companies in the developing nations of Africa, South Asia and Central Asia. AKFED often works in collaboration with local and international development partners to create and operate companies that provide goods and services essential to economic development.These range from banking to electric power, agricultural processing, hotels, airlines and telecommunications. AKFED is focused on building enterprises in parts of the world that lack sufficient foreign direct investment. Profits generated by the Fund are reinvested in other economic development initiatives under the AKFED umbrella.