Kuwait’s fund aided 107 states to the tune of $20bn since ’61

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KUWAIT CITY, Dec 30, (KUNA): Kuwait Fund for Arab Economic Development (KFAED) has funded since its establishment in 1961 up to 986 projects worth USD 20 billion for 107 states. KFAED’s Director General Abdulwahab Al-Bader said in a press release marking the fund 58th anniversary on Dec 31, that it has continued supporting development in developing countries and aiding those in need, as the first development establishment in the Arab world in the 50s of the past century.

At the time, Kuwait was the sole developing state that decided to help other nations of identical status through easy loans, various forms of assistance and grants. Up to 107 states benefited from KFAED’s assistance over the past years, he said indicating that the fund either offered aid, supervised and funded projects of priority for these states. He indicated at persisting major challenges facing development in current times, thus there must be coordinated and greater efforts to relieve countries in need for help.

KFAED’s aims at funding ventures that contribute to attaining sustainable development objectives, thus paving the way for contributing to tackle other issues such as poverty, food security, gender equality and climatic changes. The fund, since 1987, has been financing itself, making some profits and financial returns from activities and loans.

Part of these proceeds are used to support some State departments, he said, noting that in 2002 an agreement was worked out to buy bonds of the Kuwait Credit Bank at a value of KD 500 million (USD 1.6 billion), with a two percent annual return. It funded some 986 projects in developing countries in 57 years, at a value of KD 6.4 billion (USD 20 billion), he affirmed. KFAED was established on December 31, 1961, to aid nations and communities in need and back up the State foreign policy.

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