Report by Mohammad Al-Mutairi r nKUWAIT, Aug 19 (KUNA) — As of July 2024, the Kuwait Fund for Arab Economic Development (KFAED) had disbursed nearly KD 7.46 billion (USD 24.42 billion) in loans and grants, reinforcing its role as a key player in international development cooperation, according to the agency’s acting Director General Waleed Al-Bahar. nSpeaking to KUNA on Tuesday, Al-Bahar described the Fund as a reliable partner in global development, recognized for facilitating economic partnerships, financing infrastructure projects, and supporting long-term stability through concessional financing, technical expertise, feasibility assessments, and workforce training in recipient nations. nHe emphasized that Kuwait, through the Fund, has consistently pursued global peace and stability by addressing root causes of instability such as poverty, joblessness, and food insecurity at both regional and international levels. nEstablished in 1961, the Fund operates as a diplomatic and developmental instrument of the State, delivering aid to conflict-affected and disaster-hit regions in coordination with United Nations agencies and other international bodies. nProject selection follows strict criteria aligned with the priorities of beneficiary countries and the United Nations’ 2030 Sustainable Development Goals, which aim to tackle pressing global issues including inequality, environmental damage, hunger, and climate change. nAl-Bahar noted that support to Arab nations totaled KD 316.35 million (USD 1.03 billion), while grants and technical assistance to multilateral organizations reached KD 125.91 million (USD 412.21 million). nAdditional contributions include KD 70 million (USD 229.1 million) allocated to the Wafra station project in collaboration with the Gulf Interconnection Authority, aimed at reinforcing national power grids and ensuring uninterrupted electricity supply under all conditions. nDomestically, the Fund has facilitated approximately KD 588 million (USD 1.92 billion) in overseas investments for Kuwaiti firms, particularly in environmentally sustainable ventures. One notable initiative is the “Improved Resilience to Transboundary Sand and Dust Storms in Kuwait and Southern Iraq,” implemented with UN-Habitat. nImportantly, the Fund operates independently, generating revenue through interest on loans and returns on global investments, without drawing from the national 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