Kuwait Fund for Arab Economic Development (KFAED) said today, Monday, that 89 million Kuwaiti dinars will be transferred to the Public Authority for Housing Welfare after approval of the final account by the National Assembly for the fiscal 2020-2021.
The KFAED Deputy Director-General Nidal Al-Olayan, said in a press statement the fund is enhancing its social responsibility locally through its contribution to many local social and economic activities and takes initiatives to support development efforts inside Kuwait, without prejudice to its basic mission.
The Al-Rai daily quoting Al-Olayan added the most prominent of these contributions came in 2002, when it was agreed between the Kuwait Credit Bank and KFAED that the bank would issue bonds worth 500 million dinars for the benefit of the fund to help meet housing requests at an interest rate of 2 percent annually for a period of 20 years.
Since 2003, the fund has deducted no more than 25 percent of its annual net profits and transferred it to the Public Authority for Housing Welfare, indicating that the total money transferred is 376 million dinars.
