KUWAIT, Aug 19 (KUNA) — The Kuwait Fund for Arab Economic Development (KFAED) has disbursed nearly KD 7.46 billion (USD 24.42 billion) in loans and grants as of July, playing a vital role in international development and economic cooperation, according to its acting Director General Waleed Al-Bahar. nSpeaking Tuesday, Al-Bahar described the Fund as a reliable partner in fostering sustainable growth, noting its contributions through concessional financing, technical expertise, feasibility assessments, and human capital development in recipient nations. He emphasized that Kuwait, through the Fund, has consistently promoted global stability by addressing poverty, unemployment, and food insecurity on both regional and international levels. nEstablished in 1961, the Fund serves as a diplomatic and developmental instrument, supporting countries affected by conflict or natural disasters in coordination with United Nations agencies and other international bodies. Project selection follows strict criteria aligned with the 2030 UN Sustainable Development Goals, targeting issues such as inequality, climate resilience, and environmental sustainability. nAmong recent initiatives, Arab nations received KD 316.35 million (USD 1.03 billion), while international organizations benefited from KD 125.91 million (USD 412.21 million) in grants and technical support. nThe Fund also financed the Wafra station project in partnership with the Gulf Interconnection Authority, investing KD 70 million (USD 229.1 million) to reinforce national power grids and ensure energy reliability. nDomestically, it has allocated approximately KD 588 million (USD 1.92 billion) to support Kuwaiti enterprises in overseas green investments, including the UN-Habitat-backed project “Improved Resilience to Transboundary Sand and Dust Storms in Kuwait and Southern Iraq.” nAl-Bahar noted that the Fund operates independently, sustaining its activities through returns on investments and interest income, without drawing from the state’s general budget.
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The Fund… Kuwait’s generous arm
Report by Mohammad Al-Mutairi r nKUWAIT, Aug 19 (KUNA) — With a total of almost KD 7.46 billion (USD 24.42 billion) in loans and grants as of last July, Kuwait Fund for Arab Economic Development (KFAED) has been playing a pivotal role in fostering cooperation with global partners, said the Fund ‘s chief on Tuesday. nBe it contributing to capital, forging economic partnerships, or supporting investment-driven infrastructure, the Fund is appreciated as a “trustworthy partner” by many, opening doors for stable and sustainable relations through robust diplomatic ties with beneficiary countries in the form of easy loans, technical support, feasibility studies and training of human resources in such countries, said KFAED ‘s acting Director General Waleed Al-Bahar. nHe told KUNA that in its capacity as a responsible and benevolent grantor, Kuwait has always sought global stability by means of fighting poverty, unemployment, and achieving food security on regional and global scales. nKeen on developmental and economic integration in a humanitarian manner, the Fund — since its establishment in 1961 — acts as the State ‘s arm in providing support for war-torn and disaster-stricken countries in coordination with relevant UN and international agencies, Al-Bahar noted. nHe pointed out that landing on a project is governed by the Fund ‘s criteria, along with priorities of beneficiary parties, all in support of the 2030 UN Sustainable Development Goals, which aim to achieve peace and prosperity for people and the planet by addressing critical global challenges such as poverty, hunger, inequality, climate change, and environmental degradation. nWhile Arab countries ‘ share reached KD 316.35 million (USD 1.03 billion), KFAED ‘s grants and technical assistance to international organizations totaled KD 125.91 million (USD 412.21 million), he added. nThe Fund also contributed 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 KD 70 million (USD 229.1 million) in order to strengthen the national electrical networks and ensure the sustainability of electrical energy at all times and circumstances. nLocally, the Fund provided some KD 588 million (USD 1.92 billion) in investment ventures overseas for Kuwaiti companies, especially in green projects — most notably the “Improved Resilience to Transboundary Sand and Dust Storms in Kuwait and Southern Iraq,” in collaboration with UN-Habitat, Al-Bahar concluded. nThe Kuwait 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. (end) r nmd.hb