Tuesday , September 25 2018

Loans granted by KFAED does not exceed 5% of its annual revenues

MP appeals to Amir to grant amnesty to National Assembly stormers

KUWAIT CITY, Aug 4: The total amount of loans granted by Kuwait Fund for Arab Economic Development (KFAED) annually does not exceed five percent of its annual revenues, says Deputy Prime Minister and Minister of Foreign Affairs Sheikh Sabah Al-Khalid Al-Sabah in response to the question of MP Safaa Al-Hashim. He clarified the abovementioned calculation excludes the grants which the fund gives on behalf of the government.

Al-Hashim forwarded questions to the minister on the alleged failure of the fund to abide by the loan policy, claiming there were years when the fund granted loans exceeding 20 percent of its annual revenues. Sheikh Sabah Al-Khalid explained the excess mentioned by the lawmaker in her query covers the governmental agreements funded by the fund as part of its activities for the years 2015/2016 to 2019/2020.

He said the loans granted from 2013 to 2018 reached KD 1.263 billion, while the total technical grants and aids within the same period reached KD 156,921,927. He stressed the contributions of the fund to Arab and international development institutions are not considered an extra burden for the fund as such contributions are part of its activities to assist developing countries directly and indirectly. “In view of this, the fund contributed KD 970 million from the capital of KD 2 billion and supplemented its capital from its revenues in 1997. In addition, the fund was able to raise its possession rights to around KD 5.364 billion during the fiscal year that ended on March 31, 2018.”

He added, “The contributions of the fund to Arab and international development institutions have moral and humanitarian bearing, stemming from the vision of Kuwait to support development projects in developing countries while striving to obtain foreign political support for Kuwait as well as its economic and political interests.”

In another development, Minister of State for Housing Affairs Dr Jenan Bushahri said the contract for construction of an industrial zone at South Sabah Al-Ahmad Residential City will be done in September. This is in response to the question of Dr Mohammad Al-Huwailah about the delayed completion of the project. She disclosed the industrial zone will be built on 123 hectares of land allotted for vocational workshops, light industries, open stores, chillers and warehouses.

On the greening project, MP Dr Hamoud Al-Khodheir urged Minister of Information Mohammad Al-Jabri and the Public Authority for Agriculture Affairs and Fish Resources (PAAAFR) to take serious steps in saving trees, taking into consideration the consequences of cutting or shortage of water, especially in this time when the weather is extremely hot. He said, “The environmental experts have been crying out as they warned about decline in the rate of green areas in the country due to extreme heat and the implementation of several development projects. The situation entails that the concerned authorities must intensify monitoring efforts and conduct awareness campaigns on conservation of trees.”

Meanwhile, MP Essa Al-Kandari has appealed to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to grant amnesty to those convicted of storming the National Assembly premises. He affirmed respect for the judicial verdict; because the judiciary is a security haven for everybody, but the Constitution stipulates other ways in case of dire need to get out of crises.

He pointed out the country needs to ensure safe navigation of the national ship and one of the ways to do so is to grant amnesty to those convicted of storming the Assembly building. “Our appeal is based on our understanding that HH the Amir is a loving, magnanimous and forgiving father who is always ready to use reconciliatory method in overcoming tensions and disputes. We recognize this as the prerogative of the Amir who is the father of all authorities,” the lawmaker concluded.

By Lukman Badru Arab Times Staff

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