KFAED transfers KD89 mln to housing welfare

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KUWAIT CITY, Oct 25: The Kuwait Fund for Arab Economic Development said that 89 million Kuwaiti dinars will be transferred to the Public Authority for Housing Welfare after the National Assembly approved the final account for the two fiscal years (2020-2021 and (2021-2022), reports Al- Qabas daily. The fund’s general manager, Marwan Al-Ghanim, said in a press release today, Monday, that since 2003, the fund has deducted about 25 percent of its annual net profits and transferred it to the PAHW to support its resources.

Al-Ghanim added that the fund has so far transferred about 376 million dinars (about one billion dollars) to the institution, while the total transferred to the institution is about 494 million dinars (equivalent to 1.5 billion dollars) after approving the final account for the fiscal years (2020-2021) and (2021-2022). The fund enhances its social responsibilities through its participation in many local social and economic activities and initiatives to support development efforts within the country, without prejudice to its mission.

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