The Kuwait Fund for Arab Economic Development has temporarily suspended granting new funds to any country until further notice, but the funds that were approved six months ago to countries will not be affected by the suspension.
A local Arabic daily said 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 not expired.”
The sources also said “there are about 116 million dinars payable from the fund to the Public Authority for Housing Welfare, but the transfer has been stalled, due to the failure to approve the final accounts of the fund for the last two fiscal years.”
