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Friday , October 30 2020

KFAED not a burden on ‘state’s budget’

KUWAIT CITY, Sept 30: Deputy Director General of Kuwait Fund for Arab Economic Development (KFAED) Ghanem Al-Ghunaiman stated that the Fund is not a burden on State budget as it finances itself with annual profits. He pointed out that the sector uses the same procedure in lending to countries to carry out develop projects in sectors like agriculture, irrigation, transport, communications, energy, water and sanitation, industry, education and health, reports Al- Jarida daily.

Al-Ghunaiman said loans financed by the fund are sovereign and not subject to cancellation since they deal with governments and not individuals, noting the annual deductions from the fund does not exceed 25 percent of its net profit, which is transferred to the Public Authority for Housing Welfare to support its resources. The total sum transferred is about KD360 million.

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