The Kuwait Fund for Economic and Arab Development achieved profits estimated at about 259 million dinars for the fiscal year 2021-2022. The figures contained in the final account handed over by the Fund to the Ministry of Finance indicated that the total revenues during the last fiscal year ending on March 31, 2022 amounted to 282.9 million dinars, while total expenses was about 23.4 million dinars, bringing the total net profit to about 259 million dinars.
A local Arabic daily quoting sources, indicated that the fund will transfer about 29.4 million dinars to the Public Authority for Housing Welfare as soon as the draft final account law is approved, while the rest of the profits amounting to 230 million dinars will be transferred to the fund’s general reserve.
The fund’s transfer of part of its profits to PAHW comes within the framework of an agreement to deduct no more than 25% of its net profits for the benefit of the Housing Welfare.
Regarding the fund’s financial performance, the figures indicated that the majority of revenues came from investment returns, which amounted to 244 million dinars, while the interests on loans amounted to about 38.8 million dinars, until the end of the financial year ended last March.
The Kuwait Fund for Arab Economic Development was established in 1961 with the aim of assisting Arab countries and other developing countries in developing their economies, and providing them with the necessary loans to implement their development programs.
Since its establishment, the Fund has contributed by providing more than 1,000 loans, benefiting more than 107 countries, including 16 Arab countries, 42 African countries, 19 countries in East and South Asia and the Pacific, 17 countries in Central Asia and Europe, and 13 countries in Latin America and the Caribbean. The loans are distributed among various sectors, the majority of which were in the transport and communications projects, then the energy sector, then the water and sanitation, agricultural, social and industrial sectors.
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