Thursday , September 28 2023

Kuwait Fund for Arab Economic Development stops lending to any nation

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KUWAIT CITY, Oct 5: The Kuwait Fund for Arab Economic Development (KFAED) has currently suspended from granting any new funds to any country until further notice, while the previously scheduled funding flows contracted with countries 6 months ago will not stop, reports Al-Rai daily quoting reliable sources. The sources attributed “the temporary suspension to the end of the term of the fund’s board of directors last March, as the approval of granting new loans requires the approval of the board, provided that the period of its mandate is valid and has not expired.”

The sources stated that “there are about 116 million dinars payable from the fund to the Public Authority for Housing Welfare, but its transfer is stalled despite its readiness, due to the failure to approve the final accounts of the fund for the last two fiscal years.”

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