The Kuwait Fund for Arab Economic Development revealed the size of the fund’s contributions to African countries, saying about one billion dollars will be made available in the form of soft loans for various projects and economic sectors.
On the sidelines of the Egypt Forum for International Cooperation and Development during the second meeting of African Ministers of Finance, Economy and Environment, Tariq Al-Manes told the Kuwait News Agency, that the Kuwaiti participation came in response to Egypt’s invitation to attend this economic event to discuss the consequences of climate change and its devastating effects on the economies of African countries, reports a local Arabic daily.
He stressed on the importance of the Fund’s participation in these events, describing them as “very useful”, during which many mechanisms were put forward to try to mitigate the effects of climate change, in addition to finding mechanisms to try to help African countries to overcome these effects, as well as discuss projects that keep pace with climate change.
Al-Manes added that the Kuwait Fund’s interest in African countries dates back to the 1970s noting that the fund’s activity covers almost all African countries.
He stated that the Fund’s contributions to African countries earlier amounted to more than 300 million dinars in the form of soft loans for various projects and economic sectors such as roads, transportation, social development, health and education.
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