KFAED for six decades has supported development projects around the world

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KUWAIT CITY, Dec 30: The Kuwait Fund for Arab Economic Development on the occasion of the 62nd anniversary of its founding announced it contributed to financing projects in about 105 countries around the world over the past more than six decades, including 16 Arab countries, 42 African countries, and 19 countries in East and South Asia and the Pacific, 17 countries in Central Asia and Europe, and 13 countries in Latin America and the Caribbean, through 1,012 soft loans provided to the governments of these countries, worth about 6.8 billion dinars.

KFAED Acting Director General Walid Shamlan Al-Bahar, stated today that the Fund was and continues to be, since its establishment, as the first development operating institution in the Mideast region, a unique case that contributed to placing Kuwait on the map of countries that serve the global effort for development with a clear strategy that includes financing development projects and contribute to achieve sustainable goals.

He said that in addition to its development efforts, the Fund was present in major international crises, and refugee issues in particular in the Arab countries which has received great attention from the Fund, most notably the Syrian refugee crisis given the magnitude of the humanitarian tragedy that the Syrian people are experiencing. 

The Fund was also strongly present in the reconstruction crises of Lebanon, Palestine, and Iraq. The Fund cooperated with the Kuwait Red Crescent Society to support Rohingya refugees in the Republic of Bangladesh.

Al-Bahr added that the Kuwaiti Fund also supports development efforts inside Kuwait, without prejudice to its basic mission, and one of the most important and prominent of these contributions is its support for the housing issue, as the Fund has been deducting no more than 25% of its annual net profits and transferring it to the Public Authority for Housing Affairs since 2003. 

The fund also contributes to financing the Wafra station project in cooperation with the Gulf Interconnection Authority for the Arab Gulf Cooperation Council countries, at a value amounting to 70 million Kuwaiti dinars, in order to strengthen the national electrical networks and ensure the sustainability of electrical energy at all times and circumstances.
It is noteworthy that the Kuwaiti Fund self-finances itself from its own profits from loan interest and its investments around the world without forming a burden on the state’s general budget.

KFAED for six decades has supported development projects around the world

KUWAIT CITY, Dec 30: The Kuwait Fund for Arab Economic Development on the occasion of the 62nd anniversary of its founding announced it contributed to financing projects in about 105 countries around the world over the past more than six decades, including 16 Arab countries, 42 African countries, and 19 countries in East and South Asia and the Pacific, 17 countries in Central Asia and Europe, and 13 countries in Latin America and the Caribbean, through 1,012 soft loans provided to the governments of these countries, worth about 6.8 billion dinars.

KFAED Acting Director General Walid Shamlan Al-Bahar, stated today that the Fund was and continues to be, since its establishment, as the first development operating institution in the Mideast region, a unique case that contributed to placing Kuwait on the map of countries that serve the global effort for development with a clear strategy that includes financing development projects and contribute to achieve sustainable goals.

He said that in addition to its development efforts, the Fund was present in major international crises, and refugee issues in particular in the Arab countries which has received great attention from the Fund, most notably the Syrian refugee crisis given the magnitude of the humanitarian tragedy that the Syrian people are experiencing. 

The Fund was also strongly present in the reconstruction crises of Lebanon, Palestine, and Iraq. The Fund cooperated with the Kuwait Red Crescent Society to support Rohingya refugees in the Republic of Bangladesh.

Al-Bahr added that the Kuwaiti Fund also supports development efforts inside Kuwait, without prejudice to its basic mission, and one of the most important and prominent of these contributions is its support for the housing issue, as the Fund has been deducting no more than 25% of its annual net profits and transferring it to the Public Authority for Housing Affairs since 2003. 

The fund also contributes to financing the Wafra station project in cooperation with the Gulf Interconnection Authority for the Arab Gulf Cooperation Council countries, at a value amounting to 70 million Kuwaiti dinars, in order to strengthen the national electrical networks and ensure the sustainability of electrical energy at all times and circumstances.
It is noteworthy that the Kuwaiti Fund self-finances itself from its own profits from loan interest and its investments around the world without forming a burden on the state’s general budget.

This news has been read 1601 times!