KUWAIT CITY, Jan 12, (KUNA): Kuwait Fund for Arab Economic Development (KFAED) is continuing to earmark substantial sums for backing up the national housing sector. Latest allocation for the Public Authority for Housing Welfare (PAHW) amounted to KD 17 million (USD 56 million), said Ghanem Al-Ghunaiman, the first deputy director general, in a press statement on Tuesday.
The sum was allotted for the PAHW after adoption of the fund final accounts for the two fiscal years: 2018-2019 and 2019-2020). KFAED’s bylaw, amended in 2003, stipulates shifting 25 percent of the fund net profits to the housing authority, Al-Ghunaiman has affirmed.
KFAED has transferred KD 277 million (USD 1.2 billion) to the housing authority since the enactment of the law. Backing up the housing sector is among most eminent initiatives that have been undertaken by the fund. Moreover, it contributes to the national development approach. KFAED, a Kuwaiti public establishment, totally counts on its resources for offering loans and various other forms of aid.