KUWAIT CITY, Dec 30, (KUNA): The Kuwait Fund for Arab Economic Development (KFAED) spent around $20 billion, funding 900 projects since establishment on Dec 31, 1961, said Director General Abdulwahab Al-Bader Friday.
Speaking to KUNA on the 55th anniversary of establishment, Al-Bader said that throughout its existence, the fund had managed to assist other countries to achieve their development goals.
In the modern area, the fund began to fulfill the vision of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to provide critical assistance to world countries, said the director.
As part of the Kuwaiti leadership’s vision, KFAED took part in the launch of a $100 million-fund for decent living, said Al-Bader who revealed that this initiative was announced during the fourth World Islamic Economic Forum which was held in Kuwait in 2008.
He added that the fund provided agricultural assistance and food security for any nation interested in its own welfare and progress, stressing that this was an integral part of KFAED’s mission.
The KFAED has been self-sufficient in providing finance for itself away from the government since 1986, affirmed the director.
Showcasing KFAED’s interest in the local Kuwaiti scene, Al-Bader revealed that some 25 percent of the fund’s net profit went to the Public Authority for Housing Welfare since 2003.
He affirmed that the KFAED will continue its mission worldwide, providing necessary assistance and loans to make the world a better place.
Meanwhile, Farwaniya Governor Sheikh Faisal Al-Hamoud Al-Malik Al-Sabah has sent a letter to the Assistant Undersecretary for Road Engineering Affairs at Ministry of Public Works Eng. Ahmad Al-Hassan, requesting the urgent construction of several pedestrian bridges between Farwaniya and Khaitan to ensure safety and security of pedestrians so that they can cross the road safely without taking any risks.
He insisted that this is the only way to reduce the rate of traffic accidents in the area.
A number of residents living near the Airport Road (Road 50) between Farwaniya and Khaitan are forced to cross the road to go to the other side, which in turn results in a large number of traffic accidents.
Eng Al-Hassan agreed to the governor’s request and expressed intention to construct four pedestrian bridges and take necessary actions accordingly.