Report by Mohammad Al-Mutairi KUWAIT, Aug 19 (KUNA) -- With a total of almost KD 7.46 billion (USD 24.42 billion) in loans and grants as of last July, Kuwait Fund for Arab Economic Development (KFAED) has been playing a pivotal role in fostering cooperation with global partners, said the Fund's chief on Tuesday.
Be it contributing to capital, forging economic partnerships, or supporting investment-driven infrastructure, the Fund is appreciated as a "trustworthy partner" by many, opening doors for stable and sustainable relations through robust diplomatic ties with beneficiary countries in the form of easy loans, technical support, feasibility studies and training of human resources in such countries, said KFAED's acting Director General Waleed Al-Bahar.
He told KUNA that in its capacity as a responsible and benevolent grantor, Kuwait has always sought global stability by means of fighting poverty, unemployment, and achieving food security on regional and global scales.
Keen on developmental and economic integration in a humanitarian manner, the Fund -- since its establishment in 1961 -- acts as the State's arm in providing support for war-torn and disaster-stricken countries in coordination with relevant UN and international agencies, Al-Bahar noted.
He pointed out that landing on a project is governed by the Fund's criteria, along with priorities of beneficiary parties, all in support of the 2030 UN Sustainable Development Goals, which aim to achieve peace and prosperity for people and the planet by addressing critical global challenges such as poverty, hunger, inequality, climate change, and environmental degradation.
While Arab countries' share reached KD 316.35 million (USD 1.03 billion), KFAED's grants and technical assistance to international organizations totaled KD 125.91 million (USD 412.21 million), he added.
The Fund also contributed to financing the Wafra station project in cooperation with the Gulf Interconnection Authority for the Arab Gulf Cooperation Council countries, at a value amounting to KD 70 million (USD 229.1 million) in order to strengthen the national electrical networks and ensure the sustainability of electrical energy at all times and circumstances.
Locally, the Fund provided some KD 588 million (USD 1.92 billion) in investment ventures overseas for Kuwaiti companies, especially in green projects -- most notably the "Improved Resilience to Transboundary Sand and Dust Storms in Kuwait and Southern Iraq," in collaboration with UN-Habitat, Al-Bahar concluded.
The Kuwait Fund self-finances itself from its own profits from loan interest and its investments around the world, without forming a burden on the State's general budget. (end) md.hb