Kuwait News

Over 6 decades KFAED has supported projects in almost 105 nations

The Kuwait Fund for Development declared in a statement commemorating its 62nd anniversary that it has supported projects in approximately 105 nations across the globe over the past six decades. These initiatives encompass 16 Arab countries, 42 African countries, and 19 countries in East and South Asia and the Pacific.

Additionally, the Fund has extended its assistance to 17 countries in Central Asia and Europe, as well as 13 countries in Latin America and the Caribbean. Through 1,012 soft loans, the Fund has allocated approximately 6.8 billion dinars to the governments of these countries.

Walid Shamlan Al-Bahar, the Acting Director General of the Kuwait Fund for Development, affirmed today that the Fund has maintained its status as the foremost development institution in the Middle East region since its inception. It stands out as a unique entity that has positioned Kuwait on the global map of nations dedicated to advancing development goals. The Fund’s modus operandi revolves around a well-defined strategy focused on financing development projects conducive to achieving sustainability objectives.

Al-Bahar highlighted the Fund’s engagement in major international crises, with particular emphasis on refugee issues in Arab countries. Notably, the Fund has been actively involved in addressing the Syrian refugee crisis, recognizing the profound humanitarian tragedy faced by the Syrian people. It has also played a significant role in the reconstruction challenges of Lebanon, Palestine, and Iraq. Collaboration with the Kuwait Red Crescent Society has enabled the Fund to support Rohingya refugees in the Republic of Bangladesh.

In addition to its international development efforts, the Kuwaiti Fund has made substantial contributions to support initiatives within Kuwait. Notably, it has allocated no more than 25% of its annual net profits to the Public Welfare Organization since 2003, specifically addressing the housing issue. Moreover, the Fund has provided resources amounting to 800 million dinars to the Credit Bank, bringing its total support for housing in Kuwait to approximately 1.3 billion Kuwaiti dinars.

The Fund has also initiated programs such as a training program for newly graduated Kuwaiti engineers and architects in 2004. This program aims to equip national talents with practical experience to meet local market demands. Additionally, the “Be Among the Outstanding” initiative, launched in 2010, encourages high school students to strive for success.

Furthermore, the Fund collaborates with the Gulf Interconnection Authority for the Arab Gulf Cooperation Council countries in financing the Wafra station project. With a value of 70 million Kuwaiti dinars, this project strengthens national electrical networks, ensuring the sustainability of electrical energy under all circumstances.

It is noteworthy that the Kuwaiti Fund sustains itself through self-financing, relying on profits from loan interest and investments worldwide, without imposing a burden on the state’s general budget.



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