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Tuesday , September 29 2020

KFAED grants loans amounting to KD 1.26b

KUWAIT CITY, July 1: Kuwait Fund for Arab Economic Development has granted loans amounting to KD 1.26 billion ($4.2 billion) in last five years; including KD 167,000 — 12 percent of the total – in the form of grants and technical assistance, reports Al-Qabas daily.

This is in response to parliamentary questions about the contributions of the fund, especially in several Arab and international development establishments. The fund affirmed that its contributions strengthen Kuwait’s presence and status internationally; while contributing to the international arena in addressing political issues and economic welfare.

In addition, there are moral and humanitarian returns for the fund’s contributions to Arab and international development establishments based on Kuwait’s vision to support developing countries, as well as to obtain foreign political assistance to serve its economic and political interests. It has been reported that from 1997 the fund has been supplementing its capital until it reached KD 2 billion by using its own resources. Kuwait’s distribution then was KD 970 million and it currently possesses contribution rights of KD 5.3 billion.

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