LOC18:28
15:28 GMT
KUWAIT, Feb 11 (KUNA) -- The Kuwait Fund for Arab Economic Development will
celebrate its 50th anniversary on February 22 to coincide with Kuwait's
national holidays, its Director General Abdulwahab Al-Bader said Saturday.
"KFAED is a state institution and since it was founded half a century ago,
reflects the wisdom of the then political leadership," Al-Bader said in a
press statement.
"The celebrations of the KFAED's 50th anniversary (on December 31) will
focus on its achievements over the past five decades."
Al-Bader expressed pride for the coincidence of the KFAED's celebrations
with Kuwait's national celebrations, including the day of independence, His
Highness the Amir Sheikh Sabah Al-Jaber Al-Sabah's assumption of power, and
the day of the liberation from the Iraqi occupation.
KFAED has greatly contributed to development projects in Arab countries as
well as non-Arab developing countries over five decades, he said.
He underlined that KFAED's loans and contributions have helped create
closer ties with recipient countries.
The KFAED chief said the Fund's work has undergone major developments over
the past half century.
"The first phase began in 1961 till mid-1974 and was characterized by the
total concentration on funding development projects in Arab countries alone,"
he said.
Al-Bader explained that the second phase began when the Fund expanded its
efforts to include developing and poor countries in Africa, particularly those
affected by the October 1973 Middle East war.
The third phase continued from 1985 through 1991, where "the loans and
grants expanded to 65 countries until the end of the eighties of the last
century," he noted.
Al-Bader pointed out that the most difficult stage was that of the Iraqi
occupation of Kuwait in 1990-1991.
"Though the KFAED was in a difficult situation, it continued to fulfill its
commitments from London, including the signature of seven agreements to
finance new development projects in a number of countries at a total value of
about 116.8 million Kuwaiti dinars," he added.
Following liberation, the KFAED entered a new phase of development as it
increased its activities to include social, environmental and human
development projects and expand its activities to cover the whole world.
"But, the main activity of KFAED is financing projects as well as providing
technical assistance to support the efforts of countries and institutions in
building their capacity to be able to speed up the development processes," he
said.
KFAED is the first institution in the Middle East that took an active role
in the international development efforts.
The Kuwait Fund extends Loans on concessionary term to finance development
projects in developing countries. The Fund also provides technical assistance
to finance the costs of feasibility studies of projects, as well as the
training of nationals of nations in need. In addition, the Fund subscribes in
the capital of international and regional development institutions.
Today, the Kuwait Fund forms a solid bridge of friendship and solidarity
between Kuwait and developing nations. (end)
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