KFAED finances 540 projects worth $11.4 billion in over 50 African nations
Acting Director General of the Kuwait Fund for Arab Economic Development (KFAED), Waleed Al-Bahar, announced on Tuesday that the Fund has financed 540 development projects across more than 50 African countries, with a total value exceeding USD 11.4 billion.
Al-Bahar made the statement during his participation in the Africa Day celebration, held at the invitation of African ambassadors and heads of diplomatic missions accredited to Kuwait, marking the anniversary of the founding of the African Union, reports KUNA.
He noted that projects in Africa account for approximately 57 percent of KFAED’s global operations, highlighting their significant contribution to economic transformation and improved living standards across the continent.
Al-Bahar expressed pride in the Fund’s longstanding partnership with African nations and reaffirmed KFAED’s commitment to deepening bilateral ties, supporting development goals, and fostering prosperity for the African people through continued cooperation.
Speaking about Africa Day, Al-Bahar said this marks the ninth consecutive year of KFAED’s participation, featuring a dedicated pavilion that showcases its development and humanitarian initiatives across Africa.
He added that this year’s event featured the participation of over 30 African Union embassies, each presenting aspects of their cultural and historical heritage through exhibitions of artifacts, handicrafts, and traditional tools that reflect the rich diversity of African societies.
KFAED was founded in 1961 as the first development institution in the Arab region, later expanding its mission to support development in countries around the world.
