LOC19:16
16:16 GMT
KUWAIT, Jan 14 (KUNA) -- General Manager of the Kuwait Fund for Arab Economic Development (KFAED) Abdulwahab Al-Bader asserted on Wednesday the importance of the Arab Economic, Social and Development Summit which got underway here earlier in the day.
The two-day summit will give an impetus to Arab economic development projects and minimize the impacts of the current global economic crisis, Al-Bader told KUNA on the sidelines of the joint meeting of Arab ministers of finance and governors of central banks.
Many pin high hopes on the outcomes of this summit which could support development projects and Arab labor markets, he said, stressing that the KFAED continuously supports Arab and non-Arab projects.
Al-Bader referred to the effects of the global economic crisis on the Arab world, highlighting that several countries will be affected in the near future.
This summit, he said, aims to find solutions to the problems brought about by the global economic crisis, to give the desired support to large projects notably domains of road building, power generation, and infrastructure.
KFAED has recently celebrated the 47th anniversary of its foundation. Over the last period, the fund offered 748 loans with a total value of 4,124 million Kuwaiti dinars to Arab and foreign countries.
The KFAED-funded projects cost KD 3,357 million, and the settled funds amounted to KD 1,871 million.
The number of beneficiaries of those loans is 101 countries, including 16 Arab, 40 African, 34 Asian and European countries, as well as 11 countries in Latin America and the Caribbean. (end) hq.na.asa KUNA 141916 Jan 09NNNN