By Salem Al-Methen
KUWAIT, Feb 22 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) said it had provided 172 loans to West African countries from 1962 to late 2016, with a total of KD 610.1 million (about USD two billion).
The transportation sector had received the biggest share of loans, with 90 loans worth KD 331 million (54 percent), KFAED's regional manager for West African countries Thamer Al-Failakawi told KUNA on Tuesday.
He added that water project loans were 23 worth KD 62 million and agriculture was 20 loans for KD 65 million. These projects are vital to achieve sustainable development in this region, he said.
The transportation sector is vital to connect rural areas with cities and allow the delivery of food and medical items in these countries, said Al-Failakawi.
Meanwhile, the manager noted that KFAED also launched several programs to fight and prevent diseases from spreading among people in these countries.
The fund is also in charge of executing the initiative of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to provide easy loans worth USD one billion for West African countries within five years. The initiative was launched during the African-Arab Summit held in Kuwait in 2013, he said. (end) skm.ag