Kuwait Fund for Arab Economic Development (KFAED) DirectorGeneral Abdulwahab Al-Bader said Saturday the fund has financed 324 projects in non-Arab African countries with loans worth USD four billion. Al-Bader made the remark during a debate on Arab-African investments, held as part of an ongoing forum on investment in Africa.
The fund has contributed to bankrolling a large number of infrastructure projects that have promoted local, regional and international trade in the African continent, he said. He added that infrastructure utilities involve transport, communications and energy, noting that these development projects have helped in the drawing of foreign investments to Africa. The fund was established on December 31, 1961, and his activities were expanded in 1974 to cover non-Arab countries, with non-Arab African countries having been in the forefront of beneficiaries. The KFAED chief noted that the total Arab aid to African countries exceeded USD 100 billion.
